StockNews.com Begins Coverage on Broadcom (NASDAQ:AVGO)

StockNews.com assumed coverage on shares of Broadcom (NASDAQ:AVGO – Get Rating) in a research report report published on Thursday morning. The brokerage issued a buy rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of a number of other reports. Evercore ISI lifted their price target on Broadcom to $650.00 in a research note on Monday, December 12th. Susquehanna Bancshares decreased their price target on Broadcom from $680.00 to $650.00 and set a positive rating on the stock in a research note on Monday, December 5th. Piper Sandler decreased their target price on Broadcom from $750.00 to $715.00 and set an overweight rating on the stock in a research report on Monday, December 5th. KeyCorp boosted their target price on Broadcom from $700.00 to $720.00 and gave the stock an overweight rating in a research report on Friday, March 3rd. Finally, Raymond James reiterated a market perform rating on shares of Broadcom in a research report on Thursday, March 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of Moderate Buy and an average price target of $674.17.

Broadcom Trading Down 0.9 %

NASDAQ:AVGO opened at $630.97 on Thursday. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 1.64. Broadcom has a 12-month low of $415.07 and a 12-month high of $645.31. The firm has a market cap of $263.06 billion, a P/E ratio of 21.24, a PEG ratio of 1.25 and a beta of 1.10. The stock’s 50 day simple moving average is $597.58 and its 200-day simple moving average is $536.05.

Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, beating analysts’ consensus estimates of $9.38 by $0.95. Broadcom had a return on equity of 73.52% and a net margin of 37.19%. The firm had revenue of $8.92 billion for the quarter, compared to the consensus estimate of $8.90 billion. During the same period in the previous year, the business earned $7.68 earnings per share. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. Equities analysts anticipate that Broadcom will post 38.06 EPS for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 22nd will be given a $4.60 dividend. The ex-dividend date of this dividend is Tuesday, March 21st. This represents a $18.40 annualized dividend and a dividend yield of 2.92%. Broadcom’s dividend payout ratio is currently 61.93%.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 3,175 shares of the company’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total value of $1,984,406.75. Following the sale, the director now directly owns 9,734 shares in the company, valued at $6,083,847.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently added to or reduced their stakes in the business. Purus Wealth Management LLC increased its stake in Broadcom by 0.5% in the fourth quarter. Purus Wealth Management LLC now owns 3,409 shares of the semiconductor manufacturer’s stock valued at $1,906,000 after purchasing an additional 18 shares during the last quarter. Warther Private Wealth LLC increased its stake in Broadcom by 0.6% during the fourth quarter. Warther Private Wealth LLC now owns 3,262 shares of the semiconductor manufacturer’s stock worth $1,824,000 after acquiring an additional 18 shares during the last quarter. Manchester Financial Inc. increased its stake in Broadcom by 2.8% during the fourth quarter. Manchester Financial Inc. now owns 691 shares of the semiconductor manufacturer’s stock worth $386,000 after acquiring an additional 19 shares during the last quarter. King Wealth increased its stake in Broadcom by 0.9% during the third quarter. King Wealth now owns 2,303 shares of the semiconductor manufacturer’s stock worth $1,023,000 after acquiring an additional 20 shares during the last quarter. Finally, Formidable Asset Management LLC increased its stake in Broadcom by 3.2% during the third quarter. Formidable Asset Management LLC now owns 680 shares of the semiconductor manufacturer’s stock worth $313,000 after acquiring an additional 21 shares during the last quarter. 81.28% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Company Profile

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.