Broadcom (NASDAQ:AVGO) Price Target Raised to $260.00

Broadcom (NASDAQ:AVGO) had its target price hoisted by Barclays from $205.00 to $260.00 in a research report released on Friday,Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

AVGO has been the subject of several other research reports. Morgan Stanley boosted their price objective on shares of Broadcom from $233.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. TD Cowen raised their price target on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Truist Financial boosted their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Benchmark reaffirmed a “buy” rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $225.83.

Broadcom Trading Up 3.5 %

NASDAQ AVGO opened at $237.44 on Friday. The company’s 50-day simple moving average is $200.93 and its two-hundred day simple moving average is $177.60. Broadcom has a one year low of $112.19 and a one year high of $251.88. The company has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 193.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Equities analysts forecast that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 191.87%.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the sale, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Institutional investors have recently bought and sold shares of the company. Cerro Pacific Wealth Advisors LLC lifted its holdings in Broadcom by 949.1% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 18,537 shares of the semiconductor manufacturer’s stock valued at $4,298,000 after acquiring an additional 16,770 shares during the last quarter. FCG Investment Co grew its holdings in shares of Broadcom by 4.8% during the 4th quarter. FCG Investment Co now owns 23,994 shares of the semiconductor manufacturer’s stock worth $5,563,000 after purchasing an additional 1,092 shares during the period. Apeiron RIA LLC raised its holdings in Broadcom by 30.8% in the 4th quarter. Apeiron RIA LLC now owns 7,753 shares of the semiconductor manufacturer’s stock valued at $1,798,000 after buying an additional 1,826 shares during the period. Veracity Capital LLC lifted its position in Broadcom by 7.8% in the fourth quarter. Veracity Capital LLC now owns 10,440 shares of the semiconductor manufacturer’s stock valued at $2,420,000 after buying an additional 754 shares during the last quarter. Finally, Secure Asset Management LLC boosted its stake in Broadcom by 16.2% during the fourth quarter. Secure Asset Management LLC now owns 5,571 shares of the semiconductor manufacturer’s stock worth $1,292,000 after buying an additional 778 shares during the period. 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.