Broadcom (NASDAQ:AVGO) Receives New Coverage from Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Broadcom (NASDAQ:AVGO) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $1,620.00 target price on the semiconductor manufacturer’s stock.

AVGO has been the topic of several other reports. JPMorgan Chase & Co. restated an overweight rating and set a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. The Goldman Sachs Group restated a buy rating and set a $1,325.00 price objective on shares of Broadcom in a report on Friday, January 19th. TD Cowen upgraded Broadcom from a market perform rating to an outperform rating and lifted their price objective for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Cantor Fitzgerald lifted their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the stock an overweight rating in a report on Monday, March 4th. Finally, UBS Group lifted their price objective on Broadcom to $1,480.00 and gave the stock a buy rating in a report on Monday, February 26th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $1,281.09.

Broadcom Stock Performance

Broadcom stock opened at $1,329.06 on Tuesday. The stock’s 50 day moving average price is $1,306.49 and its 200 day moving average price is $1,114.01. The firm has a market capitalization of $615.91 billion, a PE ratio of 49.26, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom has a one year low of $601.29 and a one year high of $1,438.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. Broadcom’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the previous year, the company posted $9.83 EPS. As a group, sell-side analysts expect that Broadcom will post 35.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.58%. Broadcom’s payout ratio is currently 77.84%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 in the last three months. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AVGO. Vanguard Group Inc. lifted its holdings in shares of Broadcom by 7.7% in the fourth quarter. Vanguard Group Inc. now owns 43,347,811 shares of the semiconductor manufacturer’s stock valued at $48,386,994,000 after buying an additional 3,089,798 shares during the period. Capital International Investors lifted its holdings in shares of Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after buying an additional 1,006,223 shares during the period. State Street Corp lifted its holdings in shares of Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after buying an additional 794,832 shares during the period. Morgan Stanley lifted its holdings in shares of Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after buying an additional 651,014 shares during the period. Finally, Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter valued at $6,225,987,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Company Profile

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.