Broadcom Inc. (NASDAQ:AVGO) Given Consensus Rating of “Moderate Buy” by Analysts

Broadcom Inc. (NASDAQ:AVGOGet Rating) has been given a consensus rating of “Moderate Buy” by the twenty-five brokerages that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $675.33.

A number of research analysts recently commented on AVGO shares. Piper Sandler reissued a “buy” rating and issued a $750.00 price target on shares of Broadcom in a report on Tuesday, May 24th. Susquehanna reaffirmed a “buy” rating and set a $680.00 target price on shares of Broadcom in a report on Friday, September 2nd. Truist Financial reduced their target price on Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a report on Friday, September 2nd. KeyCorp reduced their target price on Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, September 2nd. Finally, BMO Capital Markets reduced their target price on Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a report on Friday, September 2nd.

Broadcom Price Performance

AVGO stock opened at $510.75 on Thursday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.05 and a current ratio of 2.32. Broadcom has a 1 year low of $463.91 and a 1 year high of $677.76. The firm has a market cap of $206.85 billion, a P/E ratio of 22.09, a price-to-earnings-growth ratio of 1.01 and a beta of 1.09. The stock has a 50-day simple moving average of $520.36 and a 200-day simple moving average of $551.93.

Broadcom (NASDAQ:AVGOGet Rating) last issued its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 EPS for the quarter, beating analysts’ consensus estimates of $9.56 by $0.17. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.41 billion. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. Broadcom’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.32 earnings per share. On average, equities analysts predict that Broadcom will post 34.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 26th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 4.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be given a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Wednesday, September 21st. Broadcom’s dividend payout ratio (DPR) is presently 70.93%.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently modified their holdings of AVGO. Blue Bell Private Wealth Management LLC boosted its stake in shares of Broadcom by 45.9% during the 1st quarter. Blue Bell Private Wealth Management LLC now owns 54 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 17 shares in the last quarter. UNIVEST FINANCIAL Corp boosted its stake in shares of Broadcom by 4.6% during the 1st quarter. UNIVEST FINANCIAL Corp now owns 387 shares of the semiconductor manufacturer’s stock worth $244,000 after acquiring an additional 17 shares in the last quarter. Connable Office Inc. boosted its stake in shares of Broadcom by 3.9% during the 4th quarter. Connable Office Inc. now owns 478 shares of the semiconductor manufacturer’s stock worth $318,000 after acquiring an additional 18 shares in the last quarter. Newman Dignan & Sheerar Inc. boosted its stake in shares of Broadcom by 0.7% during the 1st quarter. Newman Dignan & Sheerar Inc. now owns 2,761 shares of the semiconductor manufacturer’s stock worth $1,738,000 after acquiring an additional 18 shares in the last quarter. Finally, Cooper Financial Group boosted its stake in shares of Broadcom by 1.8% during the 1st quarter. Cooper Financial Group now owns 1,004 shares of the semiconductor manufacturer’s stock worth $632,000 after acquiring an additional 18 shares in the last quarter. 79.60% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Company Profile

(Get Rating)

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.

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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