Broadcom (NASDAQ:AVGO) Stock Price Up 2.4% After Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO)’s stock price rose 2.4% on Tuesday after UBS Group raised their price target on the stock from $170.00 to $200.00. UBS Group currently has a buy rating on the stock. Broadcom traded as high as $174.36 and last traded at $172.59. 2,725,562 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 29,885,256 shares. The stock had previously closed at $168.55.

A number of other equities analysts have also issued reports on AVGO. Truist Financial increased 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. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Institutional investors have recently made changes to their positions in the business. Delta Asset Management LLC TN boosted its holdings in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Clear Point Advisors Inc. grew its position in Broadcom by 310.0% during the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock worth $54,000 after buying an additional 31 shares in the last quarter. Ruedi Wealth Management Inc. increased its stake in Broadcom by 104.0% during the first quarter. Ruedi Wealth Management Inc. now owns 51 shares of the semiconductor manufacturer’s stock valued at $68,000 after acquiring an additional 26 shares during the period. Indiana Trust & Investment Management CO raised its holdings in Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after acquiring an additional 15 shares in the last quarter. Finally, Creekmur Asset Management LLC lifted its position in shares of Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after acquiring an additional 35 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

The company has a market cap of $812.21 billion, a price-to-earnings ratio of 151.09, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a fifty day moving average price of $169.37 and a two-hundred day moving average price of $156.58.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 184.19%.

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.