Broadcom Inc. (NASDAQ:AVGO) Raises Dividend to $0.59 Per Share

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) declared a quarterly dividend on Thursday, December 12th,RTT News reports. Stockholders of record on Monday, December 23rd will be paid a dividend of 0.59 per share by the semiconductor manufacturer on Tuesday, December 31st. This represents a $2.36 annualized dividend and a dividend yield of 1.31%. This is a boost from Broadcom's previous quarterly dividend of $0.53.

Broadcom has increased its dividend by an average of 12.6% per year over the last three years and has increased its dividend every year for the last 15 years. Broadcom has a payout ratio of 34.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Broadcom to earn $5.15 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 41.2%.

Broadcom Trading Down 1.4 %

Shares of AVGO stock traded down $2.54 on Thursday, hitting $180.66. The stock had a trading volume of 33,561,750 shares, compared to its average volume of 29,020,816. Broadcom has a twelve month low of $104.15 and a twelve month high of $186.42. The firm has a market cap of $843.79 billion, a P/E ratio of 154.85, a PEG ratio of 2.11 and a beta of 1.13. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a fifty day moving average price of $173.47 and a two-hundred day moving average price of $163.58.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AVGO. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Truist Financial upped their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. Mizuho increased their price objective 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. Finally, Hsbc Global Res upgraded shares of Broadcom to a "hold" rating in a research note on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $198.09.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 20,280 shares of the firm's stock in a transaction that occurred 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 sale, the insider now owns 399,460 shares in the company, valued at $70,744,366. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% 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.

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