Broadcom (NASDAQ:AVGO) Stock Price Up 0.3% – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO)’s stock price rose 0.3% on Thursday . The stock traded as high as $232.47 and last traded at $229.31. Approximately 18,720,163 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 27,016,766 shares. The stock had previously closed at $228.64.

Analyst Ratings Changes

Several research analysts have commented on AVGO shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Mizuho boosted their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Robert W. Baird raised their price target on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. upped their price objective on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $240.00 target price on shares of Broadcom in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $221.88.

Broadcom Stock Up 0.3 %

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 stock has a market capitalization of $1.07 trillion, a PE ratio of 199.23, a PEG ratio of 2.15 and a beta of 1.03. The firm’s fifty day moving average is $194.60 and its 200-day moving average is $174.92.

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

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. Broadcom’s dividend payout ratio is 191.87%.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 203,228 shares of company stock worth $46,940,208 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of AVGO. NCP Inc. boosted its stake in shares of Broadcom by 615.4% during the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares during the last quarter. MGO One Seven LLC grew its stake in Broadcom by 12.0% in the 2nd quarter. MGO One Seven LLC now owns 6,461 shares of the semiconductor manufacturer’s stock worth $10,373,000 after acquiring an additional 690 shares during the period. Carson Advisory Inc. purchased a new position in shares of Broadcom during the 2nd quarter worth $250,000. Blue Square Asset Management LLC purchased a new position in shares of Broadcom during the 2nd quarter worth $228,000. Finally, ClariVest Asset Management LLC boosted its holdings in shares of Broadcom by 37.0% during the second quarter. ClariVest Asset Management LLC now owns 5,713 shares of the semiconductor manufacturer’s stock worth $9,172,000 after purchasing an additional 1,543 shares during the last quarter. Hedge funds and other institutional investors 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.