Broadcom Inc. (NASDAQ:AVGO) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Broadcom Inc. (NASDAQ:AVGO) have received an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and twenty-six have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $1,673.04.

Several research firms have weighed in on AVGO. Jefferies Financial Group boosted their target price on shares of Broadcom from $1,550.00 to $2,050.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Truist Financial boosted their target price on shares of Broadcom from $1,566.00 to $2,045.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Morgan Stanley reiterated an “overweight” rating and set a $1,658.00 target price on shares of Broadcom in a research note on Monday, June 10th. Wells Fargo & Company boosted their target price on shares of Broadcom from $1,430.00 to $1,700.00 and gave the company an “equal weight” rating in a research note on Thursday, June 13th. Finally, TD Cowen upped their price target on shares of Broadcom from $1,500.00 to $1,750.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th.

Broadcom Trading Down 0.7 %

NASDAQ AVGO opened at $1,580.79 on Wednesday. The company’s fifty day simple moving average is $1,412.94 and its 200-day simple moving average is $1,294.23. Broadcom has a 52 week low of $795.09 and a 52 week high of $1,851.62. 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 stock has a market cap of $735.84 billion, a P/E ratio of 67.99, a PEG ratio of 2.90 and a beta of 1.17.

Shares of Broadcom are set to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be issued to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. The business had revenue of $12.49 billion during the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business’s revenue was up 43.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.51 earnings per share. Equities research analysts predict that Broadcom will post 36.87 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 24th will be issued a $5.25 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a yield of 1.33%. Broadcom’s dividend payout ratio is currently 90.32%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the transaction, the insider now owns 46,974 shares in the company, valued at $61,957,296.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the sale, the insider now owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 254 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1,750.26, for a total value of $444,566.04. Following the sale, the director now directly owns 2,748 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,864 shares of company stock worth $17,251,391. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Horizon Family Wealth Inc. boosted its position in shares of Broadcom by 1.3% during the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 8 shares in the last quarter. Tucker Asset Management LLC boosted its holdings in Broadcom by 12.5% in the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after acquiring an additional 8 shares in the last quarter. Buckley Wealth Management LLC boosted its holdings in Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after acquiring an additional 8 shares in the last quarter. Legend Financial Advisors Inc. boosted its holdings in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares in the last quarter. Finally, Ascent Wealth Partners LLC boosted its holdings in Broadcom by 0.3% in the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after acquiring an additional 8 shares in the last quarter. 76.43% of the stock is 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.