Barclays Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its price target hoisted by Barclays from $200.00 to $205.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

AVGO has been the subject of several other research reports. Susquehanna upped their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday, December 13th. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Evercore ISI raised their price objective on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Truist Financial increased their price objective on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. increased their price target on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $220.54.

Broadcom Stock Down 6.9 %

Shares of AVGO opened at $223.62 on Monday. The stock’s 50-day moving average price is $178.05 and its 200-day moving average price is $166.48. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $1.04 trillion, a price-to-earnings ratio of 194.28, a PEG ratio of 2.15 and a beta of 1.13. Broadcom has a 52 week low of $104.15 and a 52 week high of $251.88.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 EPS. On average, sell-side analysts predict that Broadcom will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be paid a dividend of $0.59 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 235,880 shares of company stock valued at $41,131,686 over the last 90 days. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently bought and sold shares of AVGO. Richardson Financial Services Inc. grew its stake in shares of Broadcom by 2.4% in the third quarter. Richardson Financial Services Inc. now owns 2,507 shares of the semiconductor manufacturer’s stock valued at $415,000 after buying an additional 59 shares in the last quarter. Delta Investment Management LLC boosted its position in Broadcom by 14.9% in the 2nd quarter. Delta Investment Management LLC now owns 510 shares of the semiconductor manufacturer’s stock valued at $818,000 after buying an additional 66 shares during the last quarter. Raab & Moskowitz Asset Management LLC lifted its stake in shares of Broadcom by 6.2% in the second quarter. Raab & Moskowitz Asset Management LLC now owns 1,156 shares of the semiconductor manufacturer’s stock worth $1,856,000 after acquiring an additional 67 shares in the last quarter. Zimmermann Investment Management & Planning LLC increased its holdings in Broadcom by 4.0% during the 2nd quarter. Zimmermann Investment Management & Planning LLC now owns 1,755 shares of the semiconductor manufacturer’s stock worth $2,818,000 after purchasing an additional 68 shares during the last quarter. Finally, Decatur Capital Management Inc. boosted its stake in shares of Broadcom by 2.2% during the 2nd quarter. Decatur Capital Management Inc. now owns 3,166 shares of the semiconductor manufacturer’s stock valued at $5,083,000 after buying an additional 68 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

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.