Broadcom (NASDAQ:AVGO) Price Target Raised to $785.00 at Susquehanna

Broadcom (NASDAQ:AVGO – Get Rating) had its price target hoisted by Susquehanna from $690.00 to $785.00 in a research report sent to investors on Thursday morning, The Fly reports.

A number of other brokerages have also recently issued reports on AVGO. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Broadcom from $590.00 to $675.00 and gave the company a buy rating in a research note on Friday, March 3rd. Bank of America boosted their price objective on shares of Broadcom from $725.00 to $800.00 in a report on Tuesday. StockNews.com initiated coverage on shares of Broadcom in a report on Thursday, May 18th. They set a buy rating for the company. Benchmark initiated coverage on shares of Broadcom in a research report on Wednesday, April 12th. They issued a buy rating and a $770.00 price target for the company. Finally, Wells Fargo & Company upped their price target on shares of Broadcom from $580.00 to $600.00 and gave the company an equal weight rating in a research report on Friday, March 3rd. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $688.16.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $728.80 on Thursday. The stock has a fifty day moving average of $636.34 and a 200-day moving average of $591.91. The company has a debt-to-equity ratio of 1.64, a quick ratio of 2.26 and a current ratio of 2.52. Broadcom has a one year low of $415.07 and a one year high of $732.39. The company has a market capitalization of $303.85 billion, a PE ratio of 24.53, a price-to-earnings-growth ratio of 1.41 and a beta of 1.10.

Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, topping analysts’ consensus estimates of $9.38 by $0.95. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The business had revenue of $8.92 billion for 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 for the quarter was up 15.7% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom will post 38.22 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $626.04, for a total value of $18,781,200.00. Following the sale, the chief executive officer now owns 214,514 shares in the company, valued at $134,294,344.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Hock E. Tan sold 30,000 shares of the stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $626.04, for a total value of $18,781,200.00. Following the completion of the transaction, the chief executive officer now directly owns 214,514 shares of the company’s stock, valued at approximately $134,294,344.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Raul J. Fernandez sold 740 shares of the firm’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $639.00, for a total value of $472,860.00. Following the completion of the sale, the director now directly owns 1,213 shares of the company’s stock, valued at $775,107. The disclosure for this sale can be found here. Insiders sold 40,915 shares of company stock worth $25,576,507 over the last three months. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fiduciary Alliance LLC purchased a new stake in Broadcom during the fourth quarter worth $26,000. Ritter Daniher Financial Advisory LLC DE lifted its position in Broadcom by 138.7% during the third quarter. Ritter Daniher Financial Advisory LLC DE now owns 74 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 43 shares during the period. Godsey & Gibb Inc. raised its holdings in shares of Broadcom by 500.0% in the 4th quarter. Godsey & Gibb Inc. now owns 60 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 50 shares during the period. Johnson Midwest Financial LLC raised its holdings in shares of Broadcom by 82.4% in the 4th quarter. Johnson Midwest Financial LLC now owns 62 shares of the semiconductor manufacturer’s stock worth $35,000 after purchasing an additional 28 shares during the period. Finally, Colonial Trust Advisors purchased a new position in shares of Broadcom in the 3rd quarter worth about $36,000. Institutional investors and hedge funds own 81.28% of the company’s stock.

About Broadcom

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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.