Broadcom (NASDAQ:AVGO) Given New $240.00 Price Target at Rosenblatt Securities

Broadcom (NASDAQ:AVGO) had its price objective reduced by Rosenblatt Securities from $2,400.00 to $240.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other brokerages have also weighed in on AVGO. Benchmark restated a buy rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday. TD Cowen boosted their price target on Broadcom from $175.00 to $210.00 and gave the stock a buy rating in a research note on Tuesday, July 16th. Citigroup reaffirmed a buy rating and set a $156.00 price target on shares of Broadcom in a report on Tuesday, June 11th. Wells Fargo & Company lifted their price objective on Broadcom from $143.00 to $170.00 and gave the stock an equal weight rating in a report on Thursday, June 13th. Finally, Melius assumed coverage on shares of Broadcom in a research note on Monday, June 3rd. They set a buy rating and a $185.00 target price on the stock. Two research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $189.23.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $140.82 on Friday. The business has a fifty day moving average price of $189.01 and a 200-day moving average price of $156.19. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market capitalization of $655.50 billion, a PE ratio of 6.06, a PEG ratio of 2.41 and a beta of 1.16. Broadcom has a 1-year low of $79.51 and a 1-year high of $185.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. As a group, equities analysts expect that Broadcom will post 3.75 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

Insider Transactions at Broadcom

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

Hedge Funds Weigh In On Broadcom

Large investors have recently made changes to their positions in the business. International Assets Investment Management LLC increased its holdings in Broadcom by 1.8% in the 4th quarter. International Assets Investment Management LLC now owns 2,981 shares of the semiconductor manufacturer’s stock valued at $3,327,000 after acquiring an additional 52 shares during the last quarter. TBH Global Asset Management LLC lifted its position in shares of Broadcom by 29.2% in the fourth quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 145 shares in the last quarter. Gilbert & Cook Inc. lifted its position in shares of Broadcom by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock worth $934,000 after buying an additional 39 shares in the last quarter. Aveo Capital Partners LLC lifted its position in shares of Broadcom by 15.9% in the fourth quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after buying an additional 63 shares in the last quarter. Finally, 9258 Wealth Management LLC grew its holdings in Broadcom by 1.5% during the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock valued at $4,336,000 after buying an additional 58 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other 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.