Broadcom (NASDAQ:AVGO) Price Target Raised to $800.00 at Bank of America

Broadcom (NASDAQ:AVGO – Get Rating) had its target price boosted by Bank of America from $725.00 to $800.00 in a research report report published on Tuesday morning, The Fly reports.

Several other brokerages have also recently issued reports on AVGO. Deutsche Bank Aktiengesellschaft increased their price target on shares of Broadcom from $590.00 to $675.00 and gave the stock a buy rating in a research report on Friday, March 3rd. Benchmark assumed coverage on shares of Broadcom in a research report on Wednesday, April 12th. They set a buy rating and a $770.00 target price on the stock. Susquehanna reiterated a positive rating and issued a $690.00 price objective on shares of Broadcom in a research report on Thursday, March 9th. KeyCorp boosted their target price on shares of Broadcom from $700.00 to $720.00 and gave the stock an overweight rating in a research report on Friday, March 3rd. Finally, Truist Financial boosted their price objective on shares of Broadcom from $659.00 to $700.00 and gave the stock a buy rating in a research report on Friday, March 3rd. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $688.16.

Broadcom Trading Up 7.3 %

Shares of AVGO opened at $728.80 on Tuesday. Broadcom has a 52-week low of $415.07 and a 52-week high of $732.39. The stock has a market cap 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. The firm’s fifty day moving average is $636.34 and its two-hundred day moving average is $591.91. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 1.64.

Broadcom (NASDAQ:AVGO – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, beating the consensus estimate of $9.38 by $0.95. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The firm had revenue of $8.92 billion for the quarter, compared to analysts’ expectations of $8.90 billion. During the same quarter in the previous year, the company posted $7.68 EPS. The company’s revenue was up 15.7% compared to the same quarter last year. Research analysts forecast that Broadcom will post 38.22 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 22nd were issued a $4.60 dividend. This represents a $18.40 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Tuesday, March 21st. Broadcom’s dividend payout ratio (DPR) is 61.93%.

Insider Transactions at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,175 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total value of $1,984,406.75. Following the completion of the transaction, the director now owns 9,734 shares in the company, valued at approximately $6,083,847.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Eddy W. Hartenstein sold 3,175 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the sale, the director now directly owns 9,734 shares of the company’s stock, valued at approximately $6,083,847.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Raul J. Fernandez sold 740 shares of the company’s stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $639.00, for a total value of $472,860.00. Following the sale, the director now directly owns 1,213 shares in the company, valued at $775,107. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,915 shares of company stock worth $25,576,507. 2.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Empower Advisory Group LLC bought a new position in shares of Broadcom in the first quarter worth $2,491,000. Verity Asset Management Inc. increased its position in shares of Broadcom by 3.0% in the first quarter. Verity Asset Management Inc. now owns 509 shares of the semiconductor manufacturer’s stock worth $327,000 after acquiring an additional 15 shares in the last quarter. Old North State Trust LLC boosted its position in shares of Broadcom by 1,189.9% in the first quarter. Old North State Trust LLC now owns 3,315 shares of the semiconductor manufacturer’s stock worth $165,000 after buying an additional 3,058 shares during the period. Toroso Investments LLC boosted its holdings in shares of Broadcom by 39.9% during the first quarter. Toroso Investments LLC now owns 20,820 shares of the semiconductor manufacturer’s stock worth $13,357,000 after purchasing an additional 5,938 shares during the period. Finally, 3Chopt Investment Partners LLC purchased a new stake in shares of Broadcom during the first quarter worth $1,516,000. Institutional investors own 81.28% of the company’s stock.

Broadcom Company Profile

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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.