Broadcom (NASDAQ:AVGO) Trading 2.6% Higher

Broadcom Inc. (NASDAQ:AVGO)’s share price shot up 2.6% during trading on Wednesday . The company traded as high as $1,337.91 and last traded at $1,336.63. 388,517 shares traded hands during trading, a decline of 86% from the average session volume of 2,843,018 shares. The stock had previously closed at $1,303.11.

Analysts Set New Price Targets

A number of research analysts have weighed in on AVGO shares. UBS Group raised their price target on Broadcom to $1,480.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research report on Monday, April 8th. Susquehanna raised their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research note on Wednesday, February 28th. Benchmark restated a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Finally, Cantor Fitzgerald boosted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Price Performance

The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The business’s 50-day simple moving average is $1,308.82 and its two-hundred day simple moving average is $1,157.75. The firm has a market cap of $614.20 billion, a price-to-earnings ratio of 49.54, a P/E/G ratio of 2.60 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same quarter in the previous year, the business earned $9.83 earnings per share. Broadcom’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Buying and Selling

In other news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the transaction, the insider now directly owns 46,974 shares of the company’s stock, valued at approximately $61,957,296.78. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock worth $40,306,667 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Pathway Financial Advisors LLC raised its position in Broadcom by 11.1% during the 4th quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock valued at $1,041,000 after purchasing an additional 93 shares during the last quarter. Todd Asset Management LLC increased its position in Broadcom by 26.3% during the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock valued at $89,038,000 after purchasing an additional 16,608 shares during the period. Benjamin Edwards Inc. raised its holdings in Broadcom by 3.0% in the 4th quarter. Benjamin Edwards Inc. now owns 3,141 shares of the semiconductor manufacturer’s stock worth $3,506,000 after purchasing an additional 91 shares in the last quarter. Stegent Equity Advisors Inc. purchased a new stake in Broadcom in the fourth quarter worth about $271,000. Finally, Intrust Bank NA grew its holdings in shares of Broadcom by 1.7% during the 4th quarter. Intrust Bank NA now owns 6,070 shares of the semiconductor manufacturer’s stock worth $6,776,000 after acquiring an additional 99 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.