Broadcom (NASDAQ:AVGO) Stock Price Up 0.3% on Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO) was up 0.3% during mid-day trading on Thursday after Barclays raised their price target on the stock from $1,405.00 to $1,500.00. Barclays currently has an overweight rating on the stock. Broadcom traded as high as $1,289.46 and last traded at $1,287.08. Approximately 621,575 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 2,922,910 shares. The stock had previously closed at $1,282.63.

A number of other research analysts also recently issued reports on the company. Rosenblatt Securities reiterated a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 price objective (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Evercore ISI assumed coverage on shares of Broadcom in a report on Tuesday. They issued an “outperform” rating and a $1,620.00 price objective for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research note on Monday, April 8th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Vanguard Group Inc. boosted its stake in shares of Broadcom by 7.7% during the 4th quarter. Vanguard Group Inc. now owns 43,347,811 shares of the semiconductor manufacturer’s stock worth $48,386,994,000 after acquiring an additional 3,089,798 shares during the last quarter. Capital International Investors increased its stake in Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares in the last quarter. State Street Corp lifted its position in shares of Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after acquiring an additional 794,832 shares in the last quarter. Morgan Stanley grew its holdings in Broadcom by 12.5% during the 4th quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after buying an additional 651,014 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $6,225,987,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The firm’s fifty day moving average price is $1,306.69 and its 200 day moving average price is $1,116.18. The stock has a market cap of $583.44 billion, a PE ratio of 46.66, a P/E/G ratio of 2.71 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. Broadcom’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $9.83 earnings per share. As a group, equities analysts expect that Broadcom Inc. will post 35.88 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.67%. Broadcom’s dividend payout ratio is currently 77.84%.

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.