Broadcom’s (AVGO) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Broadcom (NASDAQ:AVGOFree Report) in a research note issued to investors on Monday, Benzinga reports. Cantor Fitzgerald currently has a $1,300.00 target price on the semiconductor manufacturer’s stock.

A number of other analysts have also recently weighed in on AVGO. The Goldman Sachs Group restated a buy rating and issued a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. Citigroup restated a buy rating and set a $1,100.00 target price on shares of Broadcom in a research note on Monday, December 11th. StockNews.com lowered shares of Broadcom from a buy rating to a hold rating in a research note on Thursday, January 4th. TD Cowen boosted their price objective on shares of Broadcom from $900.00 to $1,000.00 and gave the stock a market perform rating in a research report on Friday, December 8th. Finally, Rosenblatt Securities restated a buy rating and issued a $1,000.00 target price on shares of Broadcom in a report on Monday, December 4th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $981.45.

View Our Latest Analysis on AVGO

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $1,265.00 on Monday. The stock’s 50-day moving average is $1,131.46 and its two-hundred day moving average is $968.02. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.82 and a quick ratio of 2.56. The company has a market cap of $592.20 billion, a price-to-earnings ratio of 38.40, a price-to-earnings-growth ratio of 2.37 and a beta of 1.25. Broadcom has a 1-year low of $572.10 and a 1-year high of $1,295.97.

Broadcom (NASDAQ:AVGOGet Free Report) last issued its earnings results on Thursday, December 7th. The semiconductor manufacturer reported $11.06 earnings per share for the quarter, beating the consensus estimate of $10.96 by $0.10. Broadcom had a net margin of 39.31% and a return on equity of 73.43%. The firm had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $9.28 billion. During the same quarter last year, the company earned $9.75 earnings per share. The firm’s revenue was up 4.1% compared to the same quarter last year. Analysts forecast that Broadcom will post 42.71 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Wednesday, December 20th were given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.66%. This is a positive change from Broadcom’s previous quarterly dividend of $4.60. The ex-dividend date was Tuesday, December 19th. Broadcom’s dividend payout ratio (DPR) is 63.75%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $1,089.69, for a total value of $21,793,800.00. Following the sale, the chief executive officer now owns 229,796 shares of the company’s stock, valued at $250,406,403.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Broadcom news, Director Eddy W. Hartenstein sold 800 shares of the stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $1,140.30, for a total value of $912,240.00. Following the completion of the transaction, the director now owns 810 shares in the company, valued at $923,643. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $1,089.69, for a total transaction of $21,793,800.00. Following the sale, the chief executive officer now owns 229,796 shares in the company, valued at $250,406,403.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,443 shares of company stock worth $50,151,532. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

Large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Broadcom by 6.2% during the 2nd quarter. BlackRock Inc. now owns 31,681,688 shares of the semiconductor manufacturer’s stock worth $27,481,646,000 after acquiring an additional 1,836,795 shares in the last quarter. Capital World Investors raised its holdings in Broadcom by 1.7% during the second quarter. Capital World Investors now owns 27,822,521 shares of the semiconductor manufacturer’s stock worth $24,133,853,000 after purchasing an additional 468,493 shares during the last quarter. State Street Corp grew its holdings in Broadcom by 1.9% in the second quarter. State Street Corp now owns 16,941,449 shares of the semiconductor manufacturer’s stock valued at $14,695,521,000 after purchasing an additional 309,326 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 10.1% in the second quarter. Geode Capital Management LLC now owns 8,602,239 shares of the semiconductor manufacturer’s stock valued at $7,443,709,000 after buying an additional 788,551 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Broadcom by 12.5% during the 4th quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock worth $3,287,056,000 after buying an additional 651,014 shares during the last quarter. Hedge funds and other institutional investors own 78.81% of the company’s stock.

About Broadcom

(Get Free Report)

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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