Broadcom Inc (NASDAQ:AVGO)’s share price gapped up before the market opened on Monday . The stock had previously closed at $317.50, but opened at $324.00. Broadcom shares last traded at $311.55, with a volume of 2,082,129 shares changing hands.
Several equities research analysts recently commented on the stock. Bank of America reiterated a “buy” rating on shares of Broadcom in a research report on Monday, December 9th. Cascend Securities raised their price objective on Broadcom from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Craig Hallum restated a “buy” rating and issued a $385.00 target price (up previously from $330.00) on shares of Broadcom in a report on Friday, December 13th. KeyCorp lifted their price objective on Broadcom from $340.00 to $360.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a research report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. Broadcom currently has an average rating of “Buy” and an average target price of $334.10.
The company has a fifty day moving average of $314.73 and a 200-day moving average of $296.97. The firm has a market cap of $128.88 billion, a P/E ratio of 18.65, a P/E/G ratio of 1.57 and a beta of 0.90. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.44 and a quick ratio of 1.31.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.35 by $0.04. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.74 billion. During the same quarter in the prior year, the company posted $5.85 earnings per share. Broadcom’s revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts expect that Broadcom Inc will post 19.3 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $3.25 dividend. This represents a $13.00 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend was Friday, December 20th. This is an increase from Broadcom’s previous quarterly dividend of $2.65. Broadcom’s dividend payout ratio is 74.67%.
In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $319.82, for a total value of $6,396,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 251,146 shares of company stock valued at $77,974,726 in the last 90 days. Corporate insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of AVGO. Mackenzie Financial Corp increased its holdings in Broadcom by 17.1% in the 2nd quarter. Mackenzie Financial Corp now owns 617,079 shares of the semiconductor manufacturer’s stock worth $177,632,000 after buying an additional 90,318 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in Broadcom during the 2nd quarter valued at $819,000. Cresset Asset Management LLC raised its stake in Broadcom by 2.0% during the 2nd quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock valued at $558,000 after buying an additional 37 shares during the last quarter. Transamerica Financial Advisors Inc. bought a new position in shares of Broadcom during the 2nd quarter valued at $185,000. Finally, Natixis lifted its holdings in shares of Broadcom by 840.6% during the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock valued at $126,871,000 after buying an additional 393,880 shares during the period. Institutional investors and hedge funds own 83.21% of the company’s stock.
Broadcom Company Profile (NASDAQ:AVGO)
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
