Bank of America Lowers Broadcom (NASDAQ:AVGO) Price Target to $240.00

Broadcom (NASDAQ:AVGO) had its price objective cut by Bank of America from $260.00 to $240.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other equities research analysts have also recently issued reports on AVGO. Citigroup decreased their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Barclays lifted their price target on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley increased their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, KeyCorp increased their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $231.28.

Broadcom Stock Down 2.4 %

Shares of Broadcom stock opened at $174.61 on Wednesday. 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 $119.76 and a 52-week high of $251.88. The company has a market capitalization of $821.01 billion, a P/E ratio of 142.42, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a 50 day moving average of $192.40 and a 200 day moving average of $195.88.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other 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 transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Howard Capital Management Group LLC increased its position in shares of Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after buying an additional 2,908 shares in the last quarter. Principal Financial Group Inc. grew its stake 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 acquiring an additional 6,540,800 shares during the last quarter. Invst LLC grew its stake 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 acquiring an additional 2,730 shares during the last quarter. McIlrath & Eck LLC increased its holdings in Broadcom by 793.3% during the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock valued at $69,000 after acquiring an additional 357 shares in the last quarter. Finally, Passumpsic Savings Bank raised its position in Broadcom by 900.9% during the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock worth $2,743,000 after acquiring an additional 14,315 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.