Analysts Set Broadcom Inc. (NASDAQ:AVGO) Price Target at $679.21

Shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) have been assigned an average rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $688.16.

AVGO has been the subject of several research reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Broadcom from $590.00 to $675.00 and gave the stock a “buy” rating in a report on Friday, March 3rd. Susquehanna boosted their price objective on Broadcom from $690.00 to $785.00 in a research report on Thursday. Benchmark initiated coverage on Broadcom in a report on Wednesday, April 12th. They issued a “buy” rating and a $770.00 target price on the stock. Truist Financial lifted their price target on Broadcom from $659.00 to $700.00 and gave the stock a “buy” rating in a research report on Friday, March 3rd. Finally, Wells Fargo & Company lifted their price target on Broadcom from $580.00 to $600.00 and gave the stock an “equal weight” rating in a research report on Friday, March 3rd.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 3,175 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the completion of the transaction, the director now directly owns 9,734 shares of the company’s stock, valued at approximately $6,083,847.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Kirsten M. Spears sold 7,000 shares of the stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $619.72, for a total value of $4,338,040.00. Following the completion of the sale, the chief financial officer now owns 41,085 shares of the company’s stock, valued at approximately $25,461,196.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eddy W. Hartenstein sold 3,175 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the transaction, the director now owns 9,734 shares in the company, valued at $6,083,847.34. The disclosure for this sale can be found here. Insiders have sold a total of 40,915 shares of company stock worth $25,576,507 over the last three months. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Verity Asset Management Inc. lifted its position in Broadcom by 3.0% during the first quarter. Verity Asset Management Inc. now owns 509 shares of the semiconductor manufacturer’s stock valued at $327,000 after purchasing an additional 15 shares in the last quarter. Rosenberg Matthew Hamilton increased its stake in Broadcom by 3.1% in the 1st quarter. Rosenberg Matthew Hamilton now owns 531 shares of the semiconductor manufacturer’s stock worth $341,000 after buying an additional 16 shares in the last quarter. Silver Oak Securities Incorporated increased its stake in Broadcom by 2.9% in the 1st quarter. Silver Oak Securities Incorporated now owns 572 shares of the semiconductor manufacturer’s stock worth $367,000 after buying an additional 16 shares in the last quarter. ETF Managers Group LLC increased its stake in Broadcom by 1.5% in the 1st quarter. ETF Managers Group LLC now owns 1,164 shares of the semiconductor manufacturer’s stock worth $747,000 after buying an additional 17 shares in the last quarter. Finally, Comprehensive Financial Consultants Institutional Inc. increased its stake in Broadcom by 0.5% in the 1st quarter. Comprehensive Financial Consultants Institutional Inc. now owns 3,125 shares of the semiconductor manufacturer’s stock worth $2,005,000 after buying an additional 17 shares in the last quarter. 81.28% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock opened at $728.80 on Tuesday. Broadcom has a fifty-two week low of $415.07 and a fifty-two week high of $732.39. The company has a market capitalization of $303.85 billion, a P/E ratio of 24.53, a PEG ratio of 1.41 and a beta of 1.10. The company has a 50-day simple moving average of $636.34 and a 200 day simple moving average of $591.91. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 1.64.

Broadcom (NASDAQ:AVGO – Get Rating) last announced its earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 EPS for the quarter, beating the consensus estimate of $9.38 by $0.95. Broadcom had a return on equity of 73.52% and a net margin of 37.19%. The business had revenue of $8.92 billion during the quarter, compared to the consensus estimate of $8.90 billion. During the same period in the prior year, the business posted $7.68 earnings per share. Broadcom’s revenue was up 15.7% compared to the same quarter last year. Sell-side analysts predict that Broadcom will post 38.22 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 22nd were paid a $4.60 dividend. This represents a $18.40 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was Tuesday, March 21st. Broadcom’s payout ratio is currently 61.93%.

Broadcom Company Profile

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Broadcom Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.