Broadcom Stock Set to Split on Monday, July 15th (NASDAQ:AVGO)

Shares of Broadcom Inc. (NASDAQ:AVGO) are scheduled to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be issued to shareholders after the market closes on Friday, July 12th.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $1,657.48 on Wednesday. The company’s fifty day moving average is $1,442.03 and its two-hundred day moving average is $1,309.21. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. Broadcom has a 12-month low of $795.09 and a 12-month high of $1,851.62. The company has a market cap of $771.54 billion, a P/E ratio of 71.29, a price-to-earnings-growth ratio of 2.79 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating the consensus estimate of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same period in the previous year, the company posted $9.51 EPS. Broadcom’s revenue was up 43.0% on a year-over-year basis. Equities analysts expect that Broadcom will post 37.19 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were issued a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio is presently 90.32%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVGO. Citigroup reiterated a “buy” rating and issued a $1,560.00 price objective on shares of Broadcom in a report on Tuesday, June 11th. TD Cowen boosted their target price on shares of Broadcom from $1,500.00 to $1,750.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Mizuho boosted their target price on shares of Broadcom from $1,625.00 to $1,900.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Evercore ISI boosted their target price on shares of Broadcom from $1,620.00 to $2,010.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Finally, Truist Financial boosted their target price on shares of Broadcom from $1,566.00 to $2,045.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,673.04.

Insider Buying and Selling at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 3,000 shares of the stock in a transaction on Friday, April 5th. The shares were sold at an average price of $1,343.14, for a total value of $4,029,420.00. Following the sale, the chief financial officer now directly owns 43,459 shares in the company, valued at $58,371,521.26. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Broadcom news, Director Justine Page sold 254 shares of Broadcom stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total value of $444,566.04. Following the completion of the sale, the director now owns 2,748 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $1,343.14, for a total transaction of $4,029,420.00. Following the completion of the transaction, the chief financial officer now owns 43,459 shares of the company’s stock, valued at $58,371,521.26. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,864 shares of company stock valued at $7,910,666. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

A number of institutional investors have recently added to or reduced their stakes in AVGO. Stuart Chaussee & Associates Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $25,000. Legend Financial Advisors Inc. increased its position in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the period. PSI Advisors LLC increased its position in Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after acquiring an additional 10 shares during the period. BKM Wealth Management LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $29,000. Finally, Richardson Capital Management LLC acquired a new position in Broadcom in the 1st quarter valued at approximately $29,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.