Broadcom Stock Scheduled to Split on Monday, July 15th (NASDAQ:AVGO)

Shares of Broadcom Inc. (NASDAQ:AVGO) are set to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom Stock Performance

Shares of Broadcom stock opened at $1,700.67 on Friday. The firm has a fifty day moving average of $182.63 and a two-hundred day moving average of $144.98. The stock has a market capitalization of $791.64 billion, a price-to-earnings ratio of 73.15, a PEG ratio of 3.03 and a beta of 1.17. Broadcom has a 52 week low of $795.09 and a 52 week high of $1,851.62. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $12.49 billion during the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 EPS. As a group, equities research analysts predict that Broadcom will post 37.19 EPS for the current year.

Broadcom Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio is currently 90.32%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Morgan Stanley restated an “overweight” rating and issued a $165.80 price objective on shares of Broadcom in a research report on Monday, June 10th. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. TD Cowen upped their price objective on shares of Broadcom from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Truist Financial upped their price objective on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Wells Fargo & Company upped their price objective on shares of Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $170.64.

Insider Activity at Broadcom

In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $4,809,714.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Broadcom

Several hedge funds have recently bought and sold shares of the company. Curated Wealth Partners LLC lifted its stake in Broadcom by 200.3% in the 2nd quarter. Curated Wealth Partners LLC now owns 304 shares of the semiconductor manufacturer’s stock valued at $488,000 after purchasing an additional 607 shares during the last quarter. Williams & Novak LLC raised its holdings in Broadcom by 45.5% in the 2nd quarter. Williams & Novak LLC now owns 406 shares of the semiconductor manufacturer’s stock valued at $652,000 after acquiring an additional 127 shares during the period. Carr Financial Group Corp raised its holdings in Broadcom by 12.6% in the 2nd quarter. Carr Financial Group Corp now owns 499 shares of the semiconductor manufacturer’s stock valued at $802,000 after acquiring an additional 56 shares during the period. Wealth Management Partners LLC raised its holdings in Broadcom by 107.4% in the 2nd quarter. Wealth Management Partners LLC now owns 1,014 shares of the semiconductor manufacturer’s stock valued at $1,628,000 after acquiring an additional 525 shares during the period. Finally, Cypress Wealth Services LLC raised its holdings in Broadcom by 8.0% in the 2nd quarter. Cypress Wealth Services LLC now owns 406 shares of the semiconductor manufacturer’s stock valued at $652,000 after acquiring an additional 30 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

About Broadcom

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.