Broadcom Inc. (NASDAQ:AVGO – Get Free Report)’s share price was up 2.4% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $204.00 to $205.00. Truist Financial currently has a buy rating on the stock. Broadcom traded as high as $179.48 and last traded at $179.36. Approximately 4,222,295 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 30,979,268 shares. The stock had previously closed at $175.08.
Several other equities research analysts also recently commented on the company. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Sanford C. Bernstein increased their price objective on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Mizuho increased their price target on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Piper Sandler raised their price target on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $189.25.
Check Out Our Latest Report on Broadcom
Insider Activity at Broadcom
Institutional Trading of Broadcom
Institutional investors have recently bought and sold shares of the stock. AXA S.A. boosted its stake in shares of Broadcom by 2.7% in the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares in the last quarter. MRA Advisory Group lifted its holdings in Broadcom by 954.1% during the 3rd quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock valued at $1,631,000 after purchasing an additional 8,558 shares during the last quarter. Ensign Peak Advisors Inc boosted its position in Broadcom by 19.1% in the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after buying an additional 84,196 shares in the last quarter. Shellback Capital LP bought a new stake in Broadcom during the second quarter worth about $60,368,000. Finally, Red Spruce Capital LLC increased its holdings in shares of Broadcom by 854.9% during the third quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock worth $5,678,000 after buying an additional 29,468 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.
Broadcom Stock Up 2.4 %
The company has a market cap of $834.90 billion, a P/E ratio of 7.71, a PEG ratio of 2.78 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 business’s 50 day moving average price is $160.14 and its 200-day moving average price is $150.17.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The business’s revenue was up 47.3% on a year-over-year basis. On average, analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.18%. Broadcom’s payout ratio is currently 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.
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