Broadcom (NASDAQ:AVGO) Stock Price Up 6.6% After Analyst Upgrade

Shares of Broadcom Inc. (NASDAQ:AVGO) shot up 6.6% on Monday after Barclays raised their price target on the stock from $200.00 to $205.00. Barclays currently has an overweight rating on the stock. Broadcom traded as high as $247.32 and last traded at $239.73. 38,162,934 shares traded hands during trading, an increase of 29% from the average session volume of 29,474,521 shares. The stock had previously closed at $224.80.

A number of other research firms have also weighed in on AVGO. Jefferies Financial Group increased their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price target on shares of Broadcom in a report on Wednesday, December 11th. Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Susquehanna boosted their price target on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $220.54.

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 2.11 % 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 15,950 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 261,080 shares of company stock valued at $45,372,090 in the last quarter. 2.00% of the stock is owned by insiders.

Institutional Trading of Broadcom

Hedge funds have recently bought and sold shares of the company. AXA S.A. lifted its stake in shares of Broadcom by 2.7% in the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after purchasing an additional 7,608 shares during the period. Strait & Sound Wealth Management LLC raised its position in Broadcom by 829.8% in the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after acquiring an additional 7,095 shares during the period. Catalyst Financial Partners LLC increased its stake in shares of Broadcom by 943.3% in the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock worth $3,473,000 after purchasing an additional 18,206 shares in the last quarter. Whittier Trust Co. raised its holdings in Broadcom by 947.2% in the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after purchasing an additional 623,983 shares during the period. Finally, Summit Place Financial Advisors LLC lifted its position in Broadcom by 912.6% during the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after purchasing an additional 8,834 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 3.9 %

The company has a fifty day simple moving average of $177.30 and a 200-day simple moving average of $165.89. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $1.12 trillion, a P/E ratio of 195.31, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.98%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is presently 191.87%.

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.