Barclays Increases Broadcom (NASDAQ:AVGO) Price Target to $265.00

Broadcom (NASDAQ:AVGO) had its price target upped by Barclays from $215.00 to $265.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other brokerages have also commented on AVGO. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Evercore ISI raised their price target on shares of Broadcom from $267.00 to $304.00 and gave the stock an “outperform” rating in a research report on Friday. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Truist Financial set a $295.00 target price on Broadcom and gave the company a “buy” rating in a research note on Friday. Finally, Rosenblatt Securities boosted their price objective on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

Broadcom Stock Down 1.1%

Shares of Broadcom stock opened at $244.28 on Monday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43. The business has a 50-day moving average of $205.17 and a 200-day moving average of $207.37. The company has a market capitalization of $1.15 trillion, a PE ratio of 199.25, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $10.96 earnings per share. As a group, equities analysts forecast that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has approved a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.97%. Broadcom’s dividend payout ratio is currently 88.39%.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now directly owns 26,182 shares of the company’s stock, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadcom

A number of institutional investors have recently bought and sold shares of AVGO. Waddell & Associates LLC grew its stake in Broadcom by 2.1% during the first quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer’s stock worth $350,000 after buying an additional 43 shares during the last quarter. Challenger Wealth Management raised its position in Broadcom by 1.3% in the 1st quarter. Challenger Wealth Management now owns 3,504 shares of the semiconductor manufacturer’s stock valued at $587,000 after purchasing an additional 45 shares during the last quarter. SlateStone Wealth LLC raised its position in Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after acquiring an additional 48 shares during the last quarter. Finally, Wescott Financial Advisory Group LLC lifted its position in shares of Broadcom by 3.8% during the first quarter. Wescott Financial Advisory Group LLC now owns 1,326 shares of the semiconductor manufacturer’s stock worth $222,000 after purchasing an additional 48 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

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.