Broadcom (NASDAQ:AVGO) Trading Up 2.3% – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO) was up 2.3% on Thursday . The stock traded as high as $239.50 and last traded at $237.06. Approximately 11,309,742 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 30,456,207 shares. The stock had previously closed at $231.84.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AVGO shares. UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Robert W. Baird boosted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Cantor Fitzgerald raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. 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. Finally, Truist Financial raised their price objective on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $221.88.

Broadcom Stock Up 0.2 %

The firm has a market capitalization of $1.09 trillion, a PE ratio of 202.04, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average of $190.08 and a two-hundred day moving average of $173.46.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the previous year, the company posted $0.98 earnings per share. Broadcom’s revenue was up 51.2% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.01%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is 191.87%.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 154,408 shares of company stock valued at $33,412,228 over the last three months. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division lifted its holdings in Broadcom by 21.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after buying an additional 3,707 shares during the last quarter. jvl associates llc increased its stake in shares of Broadcom by 5.6% during the fourth quarter. jvl associates llc now owns 1,880 shares of the semiconductor manufacturer’s stock valued at $436,000 after acquiring an additional 99 shares during the period. Everence Capital Management Inc. boosted its stake in Broadcom by 1.6% during the fourth quarter. Everence Capital Management Inc. now owns 122,410 shares of the semiconductor manufacturer’s stock valued at $28,380,000 after buying an additional 1,920 shares in the last quarter. Modus Advisors LLC grew its holdings in Broadcom by 7.9% during the fourth quarter. Modus Advisors LLC now owns 3,444 shares of the semiconductor manufacturer’s stock worth $798,000 after acquiring an additional 251 shares during the period. Finally, Franchise Capital Ltd bought a new stake in Broadcom in the fourth quarter worth about $2,017,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Company Profile

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.