Broadcom (NASDAQ:AVGO) Price Target Raised to $255.00

Broadcom (NASDAQ:AVGO) had its price objective hoisted by Wells Fargo & Company from $230.00 to $255.00 in a research note released on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the semiconductor manufacturer’s stock.

Several other research analysts have also recently issued reports on AVGO. Benchmark raised their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley lifted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. KeyCorp lifted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $270.25.

Broadcom Trading Down 5.0%

NASDAQ AVGO opened at $246.95 on Friday. The company has a fifty day simple moving average of $203.73 and a two-hundred day simple moving average of $206.81. The stock has a market cap of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom has a 12-month low of $128.50 and a 12-month high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

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

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.96%. Broadcom’s payout ratio is 113.46%.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

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

Institutional Investors Weigh In On Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $25,000. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $26,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $26,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.