Brokerages Set Broadcom Inc (NASDAQ:AVGO) PT at $300.44

Shares of Broadcom Inc (NASDAQ:AVGO) have received a consensus rating of “Buy” from the forty-one ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-nine have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $300.44.

Several equities research analysts have recently commented on AVGO shares. BidaskClub lowered Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 9th. Mizuho boosted their price target on Broadcom from $295.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Barclays boosted their price target on Broadcom from $265.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. Deutsche Bank boosted their price target on Broadcom from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, DA Davidson boosted their price target on Broadcom to $325.00 and gave the stock a “buy” rating in a research note on Friday, March 15th.

Shares of NASDAQ:AVGO traded up $5.02 during trading on Friday, hitting $281.53. 586,399 shares of the stock were exchanged, compared to its average volume of 3,732,122. The company has a fifty day simple moving average of $276.04. The company has a market capitalization of $111.14 billion, a P/E ratio of 14.95, a PEG ratio of 1.30 and a beta of 0.87. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. Broadcom has a 12-month low of $197.46 and a 12-month high of $323.20.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.18 by $0.03. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.88 EPS. As a group, research analysts predict that Broadcom will post 17.3 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Monday, June 24th will be issued a $2.65 dividend. The ex-dividend date of this dividend is Friday, June 21st. This represents a $10.60 annualized dividend and a yield of 3.77%. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $315.07, for a total value of $6,301,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kirsten M. Spears sold 4,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $306.31, for a total value of $1,225,240.00. The disclosure for this sale can be found here. Insiders sold a total of 67,466 shares of company stock valued at $19,605,791 over the last quarter. 3.30% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Broadcom by 12.2% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,666,266 shares of the semiconductor manufacturer’s stock worth $501,062,000 after buying an additional 181,372 shares during the last quarter. Horizon Investments LLC increased its holdings in shares of Broadcom by 17.7% during the 1st quarter. Horizon Investments LLC now owns 5,756 shares of the semiconductor manufacturer’s stock worth $1,731,000 after buying an additional 864 shares during the last quarter. Redwood Investment Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth $2,745,000. Front Row Advisors LLC increased its holdings in shares of Broadcom by 5.2% during the 1st quarter. Front Row Advisors LLC now owns 4,727 shares of the semiconductor manufacturer’s stock worth $1,421,000 after buying an additional 233 shares during the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of Broadcom by 0.4% during the 1st quarter. Nordea Investment Management AB now owns 102,828 shares of the semiconductor manufacturer’s stock worth $30,924,000 after buying an additional 395 shares during the last quarter. Institutional investors and hedge funds own 83.91% of the company’s stock.

About Broadcom

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.

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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