Broadcom (NASDAQ:AVGO) Stock Price Up 6.2% After Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO – Get Rating)’s stock price rose 6.2% during mid-day trading on Thursday after Susquehanna raised their price target on the stock from $690.00 to $785.00. The company traded as high as $725.76 and last traded at $721.34. Approximately 2,308,835 shares were traded during trading, an increase of 9% from the average daily volume of 2,121,328 shares. The stock had previously closed at $679.53.

A number of other research analysts have also recently commented on the company. StockNews.com began coverage on Broadcom in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Raymond James reaffirmed a “market perform” rating on shares of Broadcom in a report on Thursday, March 2nd. BNP Paribas started coverage on Broadcom in a report on Tuesday, February 28th. They set an “outperform” rating and a $660.00 price objective on the stock. Bank of America boosted their target price on Broadcom from $725.00 to $800.00 in a research report on Tuesday. Finally, KeyCorp boosted their target price on Broadcom from $700.00 to $720.00 and gave the company an “overweight” rating in a research report on Friday, March 3rd. Three investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $688.16.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 7,000 shares of the stock in a transaction on Tuesday, March 28th. The stock was sold at an average price of $619.72, for a total transaction of $4,338,040.00. Following the transaction, the chief financial officer now owns 41,085 shares of the company’s stock, valued at approximately $25,461,196.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Kirsten M. Spears sold 7,000 shares of the company’s stock in a transaction on Tuesday, March 28th. The stock was sold at an average price of $619.72, for a total transaction of $4,338,040.00. Following the completion of the sale, the chief financial officer now directly owns 41,085 shares in the company, valued at approximately $25,461,196.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Raul J. Fernandez sold 740 shares of the company’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $639.00, for a total value of $472,860.00. Following the sale, the director now owns 1,213 shares of the company’s stock, valued at $775,107. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,915 shares of company stock valued at $25,576,507. 2.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

A number of hedge funds have recently made changes to their positions in the stock. Verity Asset Management Inc. raised its stake in shares of Broadcom by 3.0% in the first quarter. Verity Asset Management Inc. now owns 509 shares of the semiconductor manufacturer’s stock worth $327,000 after purchasing an additional 15 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in shares of Broadcom by 3.1% in the first quarter. Rosenberg Matthew Hamilton now owns 531 shares of the semiconductor manufacturer’s stock worth $341,000 after purchasing an additional 16 shares during the last quarter. Silver Oak Securities Incorporated raised its stake in shares of Broadcom by 2.9% in the first quarter. Silver Oak Securities Incorporated now owns 572 shares of the semiconductor manufacturer’s stock worth $367,000 after purchasing an additional 16 shares during the last quarter. ETF Managers Group LLC raised its stake in shares of Broadcom by 1.5% in the first quarter. ETF Managers Group LLC now owns 1,164 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 17 shares during the last quarter. Finally, Comprehensive Financial Consultants Institutional Inc. raised its stake in shares of Broadcom by 0.5% in the first quarter. Comprehensive Financial Consultants Institutional Inc. now owns 3,125 shares of the semiconductor manufacturer’s stock worth $2,005,000 after purchasing an additional 17 shares during the last quarter. 81.28% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

The stock has a market capitalization of $303.85 billion, a PE ratio of 24.53, a PEG ratio of 1.41 and a beta of 1.10. The firm has a 50 day moving average price of $636.34 and a 200-day moving average price of $591.91. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 1.64.

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

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Wednesday, March 22nd were issued a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a yield of 2.52%. The ex-dividend date was Tuesday, March 21st. Broadcom’s dividend payout ratio (DPR) is 61.93%.

About Broadcom

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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.