Broadcom (NASDAQ:AVGO) Shares Up 0.5%

Broadcom Inc. (NASDAQ:AVGO) shot up 0.5% on Wednesday . The stock traded as high as $177.14 and last traded at $175.69. 3,740,366 shares were traded during mid-day trading, a decline of 88% from the average session volume of 31,602,008 shares. The stock had previously closed at $174.84.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AVGO. Melius Research began coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective for the company. Mizuho increased their price target on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. increased their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Truist Financial increased their price objective on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Evercore ISI increased their price objective on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Trading Down 3.1 %

The stock has a market capitalization of $806.05 billion, a price-to-earnings ratio of 7.45, a price-to-earnings-growth ratio of 2.78 and a beta of 1.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The business has a 50 day simple moving average of $157.69 and a 200-day simple moving average of $147.96.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

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

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders have sold 232,702 shares of company stock worth $51,147,941 in the last three months. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. Legend Financial Advisors Inc. boosted its position in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC acquired a new position in Broadcom during the 1st quarter valued at approximately $29,000. Delta Asset Management LLC TN boosted its position in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new position in Broadcom during the 1st quarter valued at approximately $36,000. Finally, Creekmur Asset Management LLC acquired a new position in Broadcom during the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.