Broadcom (NASDAQ:AVGO) Price Target Raised to $310.00 at Mizuho

Broadcom (NASDAQ:AVGO) had its target price raised by Mizuho from $300.00 to $310.00 in a research note released on Friday morning,Benzinga reports. They currently have an outperform rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of several other research reports. Rosenblatt Securities boosted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday. Citigroup restated a “buy” rating and issued a $276.00 target price (up previously from $210.00) on shares of Broadcom in a research note on Tuesday, June 3rd. Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. Finally, Morgan Stanley boosted their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. According to 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%

Shares of Broadcom stock opened at $246.95 on Friday. The firm has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company’s fifty day moving average price is $203.73 and its two-hundred day moving average price is $206.81. Broadcom has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.96 EPS. On average, analysts expect that Broadcom will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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

Broadcom announced that its Board of Directors has authorized a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new stake in shares of Broadcom in the 4th quarter valued at about $357,000. Capital & Planning LLC increased its stake in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC increased its stake in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after acquiring an additional 12,345 shares during the last quarter. Brighton Jones LLC increased its stake in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Broadcom in the 4th quarter valued at about $71,312,000. 76.43% of the stock is owned by 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.