Broadcom (NASDAQ:AVGO) Shares Gap Up Following Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO – Get Rating)’s share price gapped up before the market opened on Friday after Oppenheimer raised their price target on the stock from $720.00 to $800.00. The stock had previously closed at $728.80, but opened at $747.43. Broadcom shares last traded at $754.32, with a volume of 803,267 shares changing hands.

Several other equities analysts have also commented on AVGO. Rosenblatt Securities reissued a “buy” rating and set a $775.00 price objective on shares of Broadcom in a research report on Wednesday, March 1st. KeyCorp lifted their price target on Broadcom from $700.00 to $720.00 and gave the stock an “overweight” rating in a research report on Friday, March 3rd. Benchmark began coverage on Broadcom in a research report on Wednesday, April 12th. They issued a “buy” rating and a $770.00 price target for the company. Bank of America lifted their price target on Broadcom from $725.00 to $800.00 in a research report on Tuesday. Finally, Wells Fargo & Company lifted their price target on Broadcom from $580.00 to $600.00 and gave the stock an “equal weight” rating in a research report on Friday, March 3rd. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $692.37.

Insider Buying and Selling

In related news, CFO Kirsten M. Spears sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $619.72, for a total value of $4,338,040.00. Following the transaction, the chief financial officer now directly owns 41,085 shares of the company’s stock, valued at approximately $25,461,196.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Kirsten M. Spears sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $619.72, for a total value of $4,338,040.00. Following the transaction, the chief financial officer now directly owns 41,085 shares of the company’s stock, valued at approximately $25,461,196.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Raul J. Fernandez sold 740 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 1,213 shares in the company, valued at $775,107. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,915 shares of company stock valued at $25,576,507. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Hedge funds have recently bought and sold shares of the business. Armstrong Advisory Group Inc. bought a new position in shares of Broadcom during the 4th quarter worth $56,000. Hillsdale Investment Management Inc. grew its position in shares of Broadcom by 9.2% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 1,314 shares of the semiconductor manufacturer’s stock worth $584,000 after buying an additional 111 shares in the last quarter. TCI Wealth Advisors Inc. grew its position in shares of Broadcom by 14.6% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 464 shares of the semiconductor manufacturer’s stock worth $206,000 after buying an additional 59 shares in the last quarter. Aprio Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter worth $227,000. Finally, Carmel Capital Management L.L.C. grew its position in shares of Broadcom by 0.6% during the 4th quarter. Carmel Capital Management L.L.C. now owns 23,717 shares of the semiconductor manufacturer’s stock worth $13,261,000 after buying an additional 142 shares in the last quarter. Institutional investors own 81.28% of the company’s stock.

Broadcom Stock Up 11.5 %

The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 1.64. The business has a 50-day moving average price of $639.97 and a 200-day moving average price of $594.26. The firm has a market cap of $338.84 billion, a P/E ratio of 27.36, a P/E/G ratio of 1.39 and a beta of 1.10.

Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share (EPS) for the quarter, topping 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 business had revenue of $8.92 billion for the quarter, compared to the consensus estimate of $8.90 billion. During the same quarter in the prior year, the company earned $7.68 EPS. The business’s revenue was up 15.7% compared to the same quarter last year. On average, equities analysts forecast that Broadcom Inc. will post 38.22 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Wednesday, March 22nd were given a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, March 21st. Broadcom’s payout ratio is currently 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.