Broadcom Inc. (NASDAQ:AVGO) Receives Consensus Recommendation of “Buy” from Brokerages

Broadcom Inc. (NASDAQ:AVGO) has been assigned a consensus rating of “Buy” from the twenty-six ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $191.54.

Several equities analysts have recently issued reports on AVGO shares. Cantor Fitzgerald boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Oppenheimer cut their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Finally, Rosenblatt Securities cut their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Several large investors have recently made changes to their positions in the company. Capital Advisors Inc. OK lifted its holdings in Broadcom by 609.1% in the 3rd quarter. Capital Advisors Inc. OK now owns 190,648 shares of the semiconductor manufacturer’s stock worth $32,887,000 after purchasing an additional 163,762 shares during the last quarter. Pacific Heights Asset Management LLC lifted its holdings in Broadcom by 900.0% in the 3rd quarter. Pacific Heights Asset Management LLC now owns 220,000 shares of the semiconductor manufacturer’s stock worth $37,950,000 after purchasing an additional 198,000 shares during the last quarter. Lowe Brockenbrough & Co. Inc. lifted its holdings in Broadcom by 515.0% in the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 80,962 shares of the semiconductor manufacturer’s stock worth $13,966,000 after purchasing an additional 67,798 shares during the last quarter. Affinity Investment Advisors LLC lifted its holdings in Broadcom by 815.9% in the 3rd quarter. Affinity Investment Advisors LLC now owns 13,116 shares of the semiconductor manufacturer’s stock worth $2,263,000 after purchasing an additional 11,684 shares during the last quarter. Finally, Eads & Heald Wealth Management lifted its holdings in Broadcom by 802.0% in the 3rd quarter. Eads & Heald Wealth Management now owns 12,592 shares of the semiconductor manufacturer’s stock worth $2,172,000 after purchasing an additional 11,196 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $172.02 on Tuesday. Broadcom has a 12 month low of $82.72 and a 12 month high of $186.42. The company has a market cap of $800.73 billion, a PE ratio of 7.40, a P/E/G ratio of 2.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a fifty day moving average price of $168.26 and a two-hundred day moving average price of $154.95.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. Research analysts expect that Broadcom will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.23%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 9.12%.

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.