Broadcom (NASDAQ:AVGO) Given New $1,000.00 Price Target at KeyCorp

Broadcom (NASDAQ:AVGO) had its price objective hoisted by KeyCorp from $940.00 to $1,000.00 in a research report report published on Friday, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other research firms have also recently weighed in on AVGO. Mizuho upped their price objective on shares of Broadcom from $840.00 to $960.00 in a research report on Friday. Evercore ISI raised their price objective on shares of Broadcom from $725.00 to $850.00 in a research report on Tuesday, May 30th. Bank of America lifted their price target on Broadcom from $950.00 to $1,050.00 in a research note on Thursday, June 22nd. Deutsche Bank Aktiengesellschaft increased their price objective on Broadcom from $905.00 to $950.00 in a research report on Friday. Finally, StockNews.com upgraded Broadcom from a hold rating to a buy rating in a research report on Wednesday, August 16th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has a consensus rating of Moderate Buy and an average target price of $838.86.

Broadcom Stock Down 5.5 %

Shares of NASDAQ:AVGO opened at $872.52 on Friday. The company has a market cap of $360.08 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 1.67 and a beta of 1.10. Broadcom has a one year low of $415.07 and a one year high of $923.67. The firm has a fifty day moving average price of $873.97 and a two-hundred day moving average price of $742.40. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.38 and a quick ratio of 2.13.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.43 by $0.11. The company had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.85 billion. Broadcom had a return on equity of 74.58% and a net margin of 39.06%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company earned $9.07 earnings per share. Analysts anticipate that Broadcom will post 38.25 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 21st will be given a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a yield of 2.11%. Broadcom’s payout ratio is 57.63%.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $797.82, for a total transaction of $4,786,920.00. Following the transaction, the chief financial officer now directly owns 35,085 shares of the company’s stock, valued at $27,991,514.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Charlie B. Kawwas sold 1,645 shares of Broadcom stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $801.33, for a total transaction of $1,318,187.85. Following the sale, the insider now owns 75,290 shares of the company’s stock, valued at approximately $60,332,135.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 6,000 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $797.82, for a total transaction of $4,786,920.00. Following the transaction, the chief financial officer now owns 35,085 shares in the company, valued at approximately $27,991,514.70. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in AVGO. Portside Wealth Group LLC bought a new position in shares of Broadcom in the 2nd quarter worth approximately $959,000. Chapin Davis Inc. grew its stake in Broadcom by 197.4% in the second quarter. Chapin Davis Inc. now owns 2,269 shares of the semiconductor manufacturer’s stock worth $1,968,000 after purchasing an additional 1,506 shares during the period. Western Wealth Management LLC raised its holdings in Broadcom by 3.6% in the second quarter. Western Wealth Management LLC now owns 10,279 shares of the semiconductor manufacturer’s stock worth $8,916,000 after purchasing an additional 354 shares in the last quarter. Garde Capital Inc. lifted its position in Broadcom by 447.8% during the second quarter. Garde Capital Inc. now owns 1,101 shares of the semiconductor manufacturer’s stock valued at $955,000 after buying an additional 900 shares during the period. Finally, Strategy Asset Managers LLC boosted its holdings in shares of Broadcom by 3.7% during the 2nd quarter. Strategy Asset Managers LLC now owns 16,619 shares of the semiconductor manufacturer’s stock valued at $14,415,000 after buying an additional 587 shares in the last quarter. Hedge funds and other institutional investors own 78.81% of the company’s stock.

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.