Broadcom (NASDAQ:AVGO) Sets New 1-Year High After Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO – Get Rating)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Bank of America raised their price target on the stock from $725.00 to $800.00. The company traded as high as $698.99 and last traded at $686.46, with a volume of 678721 shares traded. The stock had previously closed at $678.37.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company upped their price objective on shares of Broadcom from $580.00 to $600.00 and gave the company an “equal weight” rating in a research report on Friday, March 3rd. Benchmark began coverage on shares of Broadcom in a research report on Wednesday, April 12th. They set a “buy” rating and a $770.00 price objective for the company. Susquehanna reaffirmed a “positive” rating and set a $690.00 price objective on shares of Broadcom in a research report on Thursday, March 9th. KeyCorp upped their price objective on shares of Broadcom from $700.00 to $720.00 and gave the company an “overweight” rating in a research report on Friday, March 3rd. Finally, BNP Paribas initiated coverage on shares of Broadcom in a research report on Tuesday, February 28th. They set an “outperform” rating and a $660.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $683.16.

Insider Activity

In other news, Director Raul J. Fernandez sold 740 shares of the stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $639.00, for a total transaction of $472,860.00. Following the sale, the director now directly owns 1,213 shares of the company’s stock, valued at $775,107. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Raul J. Fernandez sold 740 shares of the stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $639.00, for a total transaction of $472,860.00. Following the sale, the director now directly owns 1,213 shares of the company’s stock, valued at $775,107. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 3,175 shares of the stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $625.01, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 40,915 shares of company stock valued at $25,576,507 over the last three months. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Cantor Fitzgerald Investment Advisor L.P boosted its stake in Broadcom by 94.4% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after acquiring an additional 36,458 shares during the last quarter. Fairfield Bush & CO. boosted its stake in Broadcom by 2.6% in the first quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after acquiring an additional 123 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Broadcom by 20.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock worth $320,887,000 after purchasing an additional 87,945 shares during the period. Loomis Sayles & Co. L P raised its holdings in Broadcom by 1.1% in the first quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock worth $25,412,000 after purchasing an additional 420 shares during the period. Finally, Ergoteles LLC acquired a new stake in Broadcom in the first quarter worth $1,095,000. 81.28% of the stock is owned by institutional investors.

Broadcom Trading Down 1.0 %

The company’s fifty day simple moving average is $634.49 and its two-hundred day simple moving average is $590.95. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $283.31 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 1.39 and a beta of 1.10.

Broadcom (NASDAQ:AVGO – Get Rating) last posted its earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, topping the consensus estimate of $9.38 by $0.95. The company had revenue of $8.92 billion for the quarter, compared to analyst estimates of $8.90 billion. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period last year, the business posted $7.68 earnings per share. Research analysts forecast that Broadcom Inc. will post 38.22 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 22nd were issued a $4.60 dividend. The ex-dividend date of this dividend was Tuesday, March 21st. This represents a $18.40 annualized dividend and a yield of 2.71%. Broadcom’s dividend payout ratio (DPR) is presently 61.93%.

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.