Brokerages Set Broadcom Inc. (NASDAQ:AVGO) Price Target at $231.28

Broadcom Inc. (NASDAQ:AVGO) has been assigned a consensus rating of “Moderate Buy” from the twenty-seven ratings firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $229.48.

Several equities analysts recently issued reports on AVGO shares. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Mizuho cut their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Bank of America cut their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Truist Financial raised their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th.

Broadcom Stock Performance

Shares of AVGO stock opened at $192.47 on Tuesday. The firm has a market cap of $904.98 billion, a price-to-earnings ratio of 156.99, a PEG ratio of 2.29 and a beta of 1.05. The company’s 50 day moving average is $183.64 and its 200 day moving average is $196.24. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom has a 52-week low of $122.33 and a 52-week high of $251.88.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom’s payout ratio is 113.46%.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This represents a 3.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock worth $131,065,542 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Howard Capital Management Group LLC raised its holdings in Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after purchasing an additional 2,908 shares in the last quarter. Principal Financial Group Inc. grew its position in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after buying an additional 6,540,800 shares during the last quarter. Invst LLC grew its position in Broadcom by 928.6% in the 3rd quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock valued at $522,000 after buying an additional 2,730 shares during the last quarter. McIlrath & Eck LLC grew its position in Broadcom by 793.3% in the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock valued at $69,000 after buying an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank boosted its position in shares of Broadcom by 900.9% during the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock worth $2,743,000 after purchasing an additional 14,315 shares in the last quarter. Hedge funds and other institutional investors own 76.43% 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.