Broadcom (NASDAQ:AVGO) PT Raised to $1,950.00 at Sanford C. Bernstein

Broadcom (NASDAQ:AVGO) had its target price upped by Sanford C. Bernstein from $1,600.00 to $1,950.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the semiconductor manufacturer’s stock.

Other equities analysts have also issued reports about the stock. Oppenheimer increased their price target on shares of Broadcom from $1,500.00 to $2,000.00 and gave the company an outperform rating in a research note on Thursday. Barclays increased their price target on shares of Broadcom from $1,500.00 to $2,000.00 and gave the company an overweight rating in a research note on Thursday. Mizuho increased their price target on shares of Broadcom from $1,625.00 to $1,900.00 and gave the company a buy rating in a research note on Thursday. Truist Financial increased their price target on shares of Broadcom from $1,566.00 to $2,045.00 and gave the company a buy rating in a research note on Thursday. Finally, Melius Research began coverage on shares of Broadcom in a research note on Monday, June 3rd. They issued a buy rating and a $1,850.00 price target on the stock. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Stock Up 3.3 %

AVGO stock opened at $1,735.04 on Thursday. The company’s 50 day moving average price is $1,360.12 and its 200 day moving average price is $1,255.24. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom has a fifty-two week low of $795.09 and a fifty-two week high of $1,747.24. The firm has a market capitalization of $807.64 billion, a price-to-earnings ratio of 74.63, a PEG ratio of 3.45 and a beta of 1.17.

Shares of Broadcom are scheduled to split before the market opens on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be issued to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. The firm had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.51 earnings per share. On average, equities research analysts anticipate that Broadcom will post 36.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 24th will be issued a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Monday, June 24th. Broadcom’s dividend payout ratio (DPR) is currently 90.32%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the sale, the insider now owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the transaction, the insider now owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,770 shares of company stock valued at $36,242,096. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Capital International Investors increased its position in shares of Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after buying an additional 1,006,223 shares in the last quarter. Norges Bank purchased a new stake in Broadcom during the 4th quarter worth about $6,225,987,000. Northern Trust Corp increased its position in Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after purchasing an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.