A number of other equities analysts have also recently issued reports on AVGO. Oppenheimer set a $315.00 target price on shares of Broadcom and gave the stock a buy rating in a research report on Friday, September 13th. Citigroup lowered their price target on shares of Broadcom from $320.00 to $300.00 and set a buy rating for the company in a report on Friday, June 14th. Wells Fargo & Co lifted their price target on shares of Broadcom from $290.00 to $300.00 and gave the stock a market perform rating in a report on Friday, September 13th. Royal Bank of Canada started coverage on shares of Broadcom in a report on Tuesday, July 23rd. They issued an outperform rating and a $320.00 target price for the company. Finally, Daiwa Capital Markets downgraded shares of Broadcom from a buy rating to a neutral rating in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-nine have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $312.06.
Shares of NASDAQ AVGO traded up $6.46 during midday trading on Friday, hitting $280.91. The company had a trading volume of 1,944,071 shares, compared to its average volume of 2,633,349. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58. Broadcom has a twelve month low of $208.23 and a twelve month high of $323.20. The business has a 50-day simple moving average of $281.89 and a two-hundred day simple moving average of $287.11. The firm has a market capitalization of $108.35 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 1.36 and a beta of 0.89.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.10 by ($0.11). The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the business earned $4.98 EPS. On average, equities analysts forecast that Broadcom will post 16.97 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd were issued a dividend of $2.65 per share. The ex-dividend date was Friday, September 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.77%. Broadcom’s dividend payout ratio (DPR) is 56.29%.
In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $292.16, for a total transaction of $5,843,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 60,000 shares of company stock worth $17,026,600 over the last three months. 3.30% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Broadcom by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after buying an additional 559,961 shares in the last quarter. BlackRock Inc. lifted its holdings in Broadcom by 0.4% in the 2nd quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock valued at $7,421,177,000 after acquiring an additional 105,186 shares during the last quarter. Northern Trust Corp lifted its holdings in Broadcom by 1.1% in the 2nd quarter. Northern Trust Corp now owns 4,971,618 shares of the semiconductor manufacturer’s stock valued at $1,431,130,000 after acquiring an additional 52,034 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Broadcom by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,120,427 shares of the semiconductor manufacturer’s stock valued at $1,186,106,000 after acquiring an additional 88,958 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in Broadcom by 10.9% in the 1st quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock valued at $1,097,834,000 after acquiring an additional 359,736 shares during the last quarter. Hedge funds and other institutional investors own 84.86% of the company’s stock.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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