Susquehanna Forecasts Strong Price Appreciation for Broadcom (NASDAQ:AVGO) Stock

Broadcom (NASDAQ:AVGO) had its target price increased by Susquehanna from $200.00 to $225.00 in a report issued on Friday morning,Benzinga reports. Susquehanna currently has a positive rating on the semiconductor manufacturer’s stock.

Several other equities research analysts also recently issued reports on the company. UBS Group raised their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price target on shares of Broadcom in a research note on Wednesday, December 11th. The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Piper Sandler increased their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $220.33.

Broadcom Stock Up 24.4 %

Broadcom stock opened at $224.80 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company’s 50-day moving average is $174.61 and its 200-day moving average is $164.45. The firm has a market capitalization of $1.05 trillion, a PE ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13. Broadcom has a fifty-two week low of $104.15 and a fifty-two week high of $228.70.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The business’s revenue was up 51.2% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

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

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This represents a 4.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of institutional investors have recently modified their holdings of AVGO. Lord Abbett & CO. LLC grew its position in Broadcom by 762.8% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer’s stock valued at $376,358,000 after purchasing an additional 1,928,907 shares during the period. B. Riley Wealth Advisors Inc. increased its position in shares of Broadcom by 624.8% during the third quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock worth $23,889,000 after acquiring an additional 119,553 shares in the last quarter. Legacy Wealth Management LLC MS raised its holdings in shares of Broadcom by 1,021.0% in the 3rd quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock worth $1,651,000 after acquiring an additional 8,719 shares during the last quarter. 1ST Source Bank boosted its stake in Broadcom by 869.0% during the 3rd quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock valued at $5,604,000 after purchasing an additional 29,136 shares during the last quarter. Finally, Alternative Investment Advisors LLC. increased its holdings in Broadcom by 376.4% during the 3rd quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock worth $1,616,000 after purchasing an additional 7,401 shares in the last quarter. 76.43% of the stock is 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.