Broadcom (NASDAQ:AVGO) Stock Price Up 2.6% – What’s Next?

Shares of Broadcom Inc. (NASDAQ:AVGO) rose 2.6% during mid-day trading on Wednesday . The stock traded as high as $163.53 and last traded at $160.16. Approximately 11,738,423 shares traded hands during trading, a decline of 62% from the average daily volume of 30,917,025 shares. The stock had previously closed at $156.03.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Truist Financial lifted their price objective on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Robert W. Baird increased their target price on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $231.68.

Broadcom Stock Performance

The firm has a market cap of $855.47 billion, a P/E ratio of 148.40, a PEG ratio of 2.29 and a beta of 1.05. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company’s 50-day moving average is $196.33 and its two-hundred day moving average is $195.94.

Broadcom Announces Dividend

The business also recently announced 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 was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.30%. Broadcom’s payout ratio is 113.46%.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Canton Hathaway LLC bought a new stake in Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom during the fourth quarter valued at about $32,000. 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.