Broadcom (NASDAQ:AVGO) Trading 2.8% Higher

Broadcom Inc. (NASDAQ:AVGO)’s stock price traded up 2.8% during mid-day trading on Tuesday . The company traded as high as $153.13 and last traded at $152.73. 4,191,598 shares were traded during trading, a decline of 87% from the average session volume of 31,843,557 shares. The stock had previously closed at $148.62.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on AVGO shares. The Goldman Sachs Group boosted their price target on Broadcom from $155.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. increased their price objective on Broadcom from $170.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. UBS Group raised their target price on Broadcom from $161.00 to $173.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Citigroup reaffirmed a “buy” rating and issued a $156.00 price target on shares of Broadcom in a report on Tuesday, June 11th. Finally, Evercore ISI upped their target price on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Two equities 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, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $240.08.

Broadcom Price Performance

The stock has a market capitalization of $72.43 billion, a P/E ratio of 6.57, a price-to-earnings-growth ratio of 2.59 and a beta of 1.17. The business’s 50 day simple moving average is $189.12 and its two-hundred day simple moving average is $151.32. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02.

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

Broadcom Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s payout ratio is currently 9.03%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated 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 transaction, 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 can be accessed through the SEC website. In other Broadcom news, Director Justine Page sold 2,540 shares of the business’s 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 transaction, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 7,502 shares of the company’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 owns 138,191 shares of the company’s stock, 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 Trading of Broadcom

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Stuart Chaussee & Associates Inc. purchased a new stake in Broadcom during the 4th quarter valued at about $25,000. Legend Financial Advisors Inc. lifted its stake in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the period. PSI Advisors LLC lifted its stake in Broadcom by 66.7% during the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after acquiring an additional 10 shares during the period. Richardson Capital Management LLC bought a new position in Broadcom during the 1st quarter valued at about $29,000. Finally, Delta Asset Management LLC TN lifted its stake in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the period. 76.43% of the stock is 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.