Broadcom Inc. (NASDAQ:AVGO – Get Free Report) shares were down 0.8% during trading on Monday after UBS Group lowered their price target on the stock from $173.50 to $170.00. UBS Group currently has a buy rating on the stock. Broadcom traded as low as $135.70 and last traded at $135.85. Approximately 11,353,896 shares traded hands during trading, a decline of 64% from the average daily volume of 31,242,045 shares. The stock had previously closed at $136.99.
Several other equities analysts have also commented on AVGO. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday. Truist Financial boosted their price objective on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Evercore ISI raised their target price on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Melius started coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 price target on the stock. Finally, Morgan Stanley raised their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.
Insider Buying and Selling at Broadcom
In other news, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.
Institutional Trading of Broadcom
Large investors have recently made changes to their positions in the company. Heritage Wealth Management Inc. purchased a new position in Broadcom in the 2nd quarter valued at $1,381,000. Lazari Capital Management Inc. raised its position in shares of Broadcom by 12.5% in the second quarter. Lazari Capital Management Inc. now owns 1,152 shares of the semiconductor manufacturer’s stock valued at $1,850,000 after buying an additional 128 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Broadcom in the second quarter worth about $123,475,000. Creekside Partners acquired a new position in Broadcom during the second quarter worth about $414,000. Finally, Brown Financial Advisors acquired a new position in Broadcom during the second quarter worth about $1,422,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Broadcom Stock Performance
The company has a market cap of $655.50 billion, a PE ratio of 6.06, a PEG ratio of 2.41 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm’s 50 day moving average is $189.01 and its 200-day moving average is $156.19.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 3.75 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.
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.