Mizuho Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its price objective upped by Mizuho from $435.00 to $450.00 in a research note issued to investors on Friday, MarketBeat.com reports. Mizuho currently has an outperform rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also recently commented on AVGO. Bank of America raised their price target on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a report on Friday. Susquehanna reissued a “positive” rating and set a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Cowen restated a “buy” rating on shares of Broadcom in a research note on Friday. TD Cowen upped their price target on Broadcom from $405.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a report on Sunday, November 23rd. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $435.85.

Broadcom Trading Down 11.4%

Shares of AVGO stock opened at $359.93 on Friday. Broadcom has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The stock has a 50 day simple moving average of $363.17 and a two-hundred day simple moving average of $317.38. The company has a market cap of $1.70 trillion, a P/E ratio of 75.62, a PEG ratio of 1.38 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 EPS. Research analysts forecast that Broadcom will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 49.58%.

Insider Activity

In other news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $331.14, for a total value of $264,912.00. Following the completion of the sale, the director directly owned 21,382 shares of the company’s stock, valued at $7,080,435.48. This represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total value of $33,958,000.00. Following the completion of the transaction, the chief executive officer owned 725,638 shares in the company, valued at $246,412,152.04. This represents a 12.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 837,433 shares of company stock worth $303,900,352. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in Broadcom in the 2nd quarter worth about $18,579,549,000. Price T Rowe Associates Inc. MD lifted its position in shares of Broadcom by 37.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after buying an additional 17,985,046 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after buying an additional 6,222,802 shares in the last quarter. Edgewood Management LLC purchased a new position in shares of Broadcom in the 2nd quarter worth approximately $1,571,438,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Broadcom by 499.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after acquiring an additional 4,694,313 shares in 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.