Broadcom (NASDAQ:AVGO) Stock Price Up 2.1% – Here’s What Happened

Shares of Broadcom Inc. (NASDAQ:AVGO) shot up 2.1% during trading on Tuesday . The company traded as high as $240.23 and last traded at $237.24. 11,843,178 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 30,481,408 shares. The stock had previously closed at $232.35.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of analyst reports. Piper Sandler lifted their price objective on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Jefferies Financial Group boosted their price target on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price objective on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, TD Cowen raised their price target on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $221.88.

Broadcom Stock Performance

The stock has a market cap of $1.12 trillion, a price-to-earnings ratio of 208.24, a P/E/G ratio of 2.15 and a beta of 1.13. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a 50 day simple moving average of $180.49 and a 200 day simple moving average of $168.36.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter last year, the business posted $0.98 EPS. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 23rd will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.98%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Monday, December 23rd. Broadcom’s dividend payout ratio is presently 191.87%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares of the company’s stock, valued at $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This trade represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 92,420 shares of company stock valued at $16,760,286 over the last ninety days. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Broadcom

Several large investors have recently added to or reduced their stakes in the business. Independent Solutions Wealth Management LLC grew its position in shares of Broadcom by 846.9% during the 3rd quarter. Independent Solutions Wealth Management LLC now owns 49,136 shares of the semiconductor manufacturer’s stock worth $8,476,000 after buying an additional 43,947 shares during the period. Syntax Research Inc. boosted its stake in Broadcom by 882.8% during the third quarter. Syntax Research Inc. now owns 6,899 shares of the semiconductor manufacturer’s stock worth $1,190,000 after acquiring an additional 6,197 shares in the last quarter. SMART Wealth LLC acquired a new stake in Broadcom in the third quarter worth $662,000. Lord Abbett & CO. LLC grew its holdings in Broadcom by 762.8% in the third quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer’s stock worth $376,358,000 after purchasing an additional 1,928,907 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its stake in Broadcom by 624.8% in the third quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock valued at $23,889,000 after purchasing an additional 119,553 shares in the last quarter. 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.