Broadcom (NASDAQ:AVGO) Shares Up 2.6%

Broadcom Inc. (NASDAQ:AVGO)’s stock price traded up 2.6% during mid-day trading on Friday . The company traded as high as $1,639.23 and last traded at $1,627.64. 1,537,774 shares were traded during trading, a decline of 51% from the average session volume of 3,141,851 shares. The stock had previously closed at $1,586.66.

Wall Street Analyst Weigh In

AVGO has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Broadcom from $1,650.00 to $2,000.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Cantor Fitzgerald lifted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research note on Monday, March 4th. Sanford C. Bernstein increased their price objective on shares of Broadcom from $1,600.00 to $1,950.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Finally, JPMorgan Chase & Co. increased their price target on Broadcom from $1,700.00 to $2,000.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,673.04.

Broadcom Stock Performance

The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16. The firm’s 50-day moving average price is $1,433.70 and its 200-day moving average price is $1,303.94. The stock has a market cap of $747.36 billion, a P/E ratio of 69.06, a PEG ratio of 2.75 and a beta of 1.17.

Broadcom’s stock is going to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.78 by $0.18. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The firm had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same period in the previous year, the firm posted $9.51 earnings per share. The business’s revenue was up 43.0% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 37.19 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were given a $5.25 dividend. This represents a $21.00 annualized dividend and a yield of 1.31%. The ex-dividend date was Monday, June 24th. Broadcom’s dividend payout ratio is presently 90.32%.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $1,367.52, for a total value of $3,418,800.00. Following the sale, the insider now directly owns 44,474 shares in the company, valued at approximately $60,819,084.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $1,367.52, for a total value of $3,418,800.00. Following the completion of the transaction, the insider now owns 44,474 shares in the company, valued at approximately $60,819,084.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Justine Page sold 254 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total value of $444,566.04. Following the sale, the director now owns 2,748 shares in the company, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Insiders have sold a total of 10,364 shares of company stock valued at $13,953,966 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently added to or reduced their stakes in AVGO. Pathway Financial Advisors LLC increased its stake in Broadcom by 11.1% in the fourth quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock worth $1,041,000 after purchasing an additional 93 shares during the period. Todd Asset Management LLC boosted its position in Broadcom by 26.3% in the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock valued at $89,038,000 after buying an additional 16,608 shares during the period. Benjamin Edwards Inc. grew its stake in Broadcom by 3.0% in the 4th quarter. Benjamin Edwards Inc. now owns 3,141 shares of the semiconductor manufacturer’s stock worth $3,506,000 after acquiring an additional 91 shares in the last quarter. Barry Investment Advisors LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $228,000. Finally, Stegent Equity Advisors Inc. bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $271,000. 76.43% of the stock is currently owned by 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.