Broadcom (NASDAQ:AVGO) Given New $900.00 Price Target at Wells Fargo & Company

Broadcom (NASDAQ:AVGO) had its price target upped by Wells Fargo & Company from $800.00 to $900.00 in a research note issued to investors on Friday, MarketBeat.com reports. Wells Fargo & Company currently has an equal weight rating on the semiconductor manufacturer’s stock.

A number of other research analysts have also weighed in on the company. StockNews.com raised Broadcom from a hold rating to a buy rating in a research report on Wednesday, August 16th. Wolfe Research started coverage on Broadcom in a research report on Wednesday, July 19th. They issued a market perform rating for the company. Oppenheimer increased their price objective on shares of Broadcom from $900.00 to $990.00 and gave the company an outperform rating in a research report on Friday. Robert W. Baird increased their price target on Broadcom from $700.00 to $900.00 in a report on Friday, June 2nd. Finally, Truist Financial increased their target price on Broadcom from $890.00 to $942.00 and gave the company a buy rating in a report on Friday, July 14th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $838.86.

Broadcom Price Performance

AVGO opened at $872.52 on Friday. The company has a current ratio of 2.38, a quick ratio of 2.13 and a debt-to-equity ratio of 1.74. The company has a market cap of $360.08 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 1.67 and a beta of 1.10. The stock has a fifty day simple moving average of $873.97 and a two-hundred day simple moving average of $742.40. Broadcom has a 12-month low of $415.07 and a 12-month high of $923.67.

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

Broadcom Announces Dividend

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

Insider Activity

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

Institutional Investors Weigh In On Broadcom

Several large investors have recently modified their holdings of AVGO. Bollard Group LLC purchased a new stake in Broadcom during the second quarter worth $26,000. Altshuler Shaham Ltd bought a new position in shares of Broadcom in the 2nd quarter worth $30,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Broadcom during the 2nd quarter worth $42,000. Activest Wealth Management boosted its position in Broadcom by 2,450.0% during the second quarter. Activest Wealth Management now owns 51 shares of the semiconductor manufacturer’s stock valued at $43,000 after purchasing an additional 49 shares in the last quarter. Finally, Bank of New Hampshire grew its stake in Broadcom by 27.9% in the second quarter. Bank of New Hampshire now owns 55 shares of the semiconductor manufacturer’s stock valued at $48,000 after purchasing an additional 12 shares during the last quarter. Institutional investors own 78.81% 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.