Broadcom (NASDAQ:AVGO) Trading 0.1% Higher

Broadcom Inc. (NASDAQ:AVGO) shares shot up 0.1% on Tuesday . The stock traded as high as $160.28 and last traded at $159.75. 6,168,793 shares traded hands during trading, a decline of 80% from the average session volume of 31,210,697 shares. The stock had previously closed at $159.62.

Analyst Upgrades and Downgrades

Several brokerages have commented on AVGO. Cantor Fitzgerald lifted their price objective on shares of Broadcom from $1,875.00 to $2,000.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Oppenheimer lowered their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. TD Cowen increased their price objective on Broadcom from $175.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Melius Research began coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Finally, Mizuho upped their price target on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $240.08.

Broadcom Price Performance

The company has a market capitalization of $751.25 billion, a P/E ratio of 6.87, a P/E/G ratio of 2.59 and a beta of 1.17. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The business’s fifty day moving average price is $191.41 and its 200-day moving average price is $154.21.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $12.49 billion during the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. As a group, sell-side analysts predict that Broadcom Inc. will post 3.74 earnings per share for the current fiscal year.

Broadcom Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.30%. Broadcom’s payout ratio is 9.03%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadcom

A number of large investors have recently made changes to their positions in AVGO. Norges Bank purchased a new position in Broadcom during the 4th quarter valued at $6,225,987,000. Swedbank AB bought a new position in Broadcom in the first quarter worth about $2,835,737,000. Vanguard Group Inc. lifted its holdings in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares during the period. Jennison Associates LLC boosted 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 valued at $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. Finally, Capital International Investors grew its holdings in shares of Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after acquiring an additional 1,006,223 shares during the period. 76.43% of the stock is currently owned by institutional investors.

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.