JPMorgan Chase & Co. Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its price target hoisted by JPMorgan Chase & Co. from $210.00 to $250.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of several other research reports. Benchmark reaffirmed a “buy” rating and issued a $255.00 target price (up previously from $210.00) on shares of Broadcom in a report on Friday. Bank of America raised their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday. Susquehanna lifted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday. Cantor Fitzgerald increased their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, Piper Sandler raised their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $220.33.

Broadcom Stock Up 24.4 %

Broadcom stock opened at $224.80 on Friday. The firm has a market capitalization of $1.05 trillion, a P/E ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom has a twelve month low of $104.15 and a twelve month high of $228.70. The stock’s fifty day simple moving average is $174.61 and its 200-day simple moving average is $164.45.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 EPS. As a group, equities analysts expect that Broadcom will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be given a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.05%. The ex-dividend date is Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is presently 172.36%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the company’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 transaction of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadcom

A number of large investors have recently bought and sold shares of the company. Lord Abbett & CO. LLC raised its holdings in Broadcom by 762.8% during the third quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer’s stock worth $376,358,000 after purchasing an additional 1,928,907 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its position in Broadcom by 624.8% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock worth $23,889,000 after purchasing an additional 119,553 shares during the period. Legacy Wealth Management LLC MS increased its position in Broadcom by 1,021.0% during the 3rd quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock worth $1,651,000 after purchasing an additional 8,719 shares during the period. 1ST Source Bank raised its stake in shares of Broadcom by 869.0% during the 3rd quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock worth $5,604,000 after buying an additional 29,136 shares in the last quarter. Finally, Alternative Investment Advisors LLC. lifted its holdings in shares of Broadcom by 376.4% in the 3rd quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock valued at $1,616,000 after buying an additional 7,401 shares during the period. Hedge funds and other institutional investors 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.