Broadcom (NASDAQ:AVGO) Stock Price Up 2.4% Following Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO) shares traded up 2.4% during mid-day trading on Friday after Barclays raised their price target on the stock from $205.00 to $260.00. Barclays currently has an overweight rating on the stock. Broadcom traded as high as $237.59 and last traded at $234.80. 9,984,966 shares changed hands during trading, a decline of 57% from the average session volume of 23,185,277 shares. The stock had previously closed at $229.41.

Other equities research analysts also recently issued research reports about the stock. Mizuho lifted their price target on shares of Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Benchmark restated a “buy” rating and set a $255.00 target price (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their price target on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald raised their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Finally, Citigroup upped their target price on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $225.83.

Insider Buying and Selling

In other news, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the sale, the chief executive officer now owns 842,836 shares in the company, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 in the last three months. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Dakota Community Bank & Trust NA grew its position in Broadcom by 2.7% in the 4th quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock valued at $391,000 after buying an additional 45 shares in the last quarter. Defined Wealth Management LLC boosted its holdings in shares of Broadcom by 0.4% in the fourth quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock valued at $2,947,000 after acquiring an additional 47 shares in the last quarter. Integrated Investment Consultants LLC increased its stake in shares of Broadcom by 0.9% during the fourth quarter. Integrated Investment Consultants LLC now owns 5,392 shares of the semiconductor manufacturer’s stock valued at $1,250,000 after acquiring an additional 47 shares during the period. Kades & Cheifetz LLC raised its holdings in Broadcom by 0.8% during the fourth quarter. Kades & Cheifetz LLC now owns 6,623 shares of the semiconductor manufacturer’s stock worth $1,536,000 after purchasing an additional 51 shares in the last quarter. Finally, Sivia Capital Partners LLC lifted its position in Broadcom by 0.5% in the fourth quarter. Sivia Capital Partners LLC now owns 9,584 shares of the semiconductor manufacturer’s stock worth $2,222,000 after purchasing an additional 52 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 3.5 %

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business has a 50 day simple moving average of $200.93 and a 200-day simple moving average of $177.60. The stock has a market capitalization of $1.11 trillion, a P/E ratio of 193.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the company earned $0.98 earnings per share. Broadcom’s revenue was up 51.2% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 0.99%. Broadcom’s dividend payout ratio is currently 191.87%.

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.