Broadcom Inc. (NASDAQ:AVGO) Receives Average Recommendation of "Buy" from Brokerages

Shares of Broadcom Inc. (NASDAQ:AVGO - Get Free Report) have received a consensus rating of "Buy" from the twenty-nine analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $281.46.

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. JPMorgan Chase & Co. upped their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Rosenblatt Securities increased their price target on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock worth $221,433,761 over the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVGO. Brighton Jones LLC increased its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC increased its position in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after buying an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE increased its position in Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after buying an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC increased its position in Broadcom by 46.2% during the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock valued at $4,528,000 after buying an additional 6,168 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 1.8%

Shares of AVGO opened at $274.87 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. The stock has a fifty day moving average price of $238.77 and a two-hundred day moving average price of $217.17. Broadcom has a 52-week low of $128.50 and a 52-week high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.96 earnings per share. Analysts predict that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Broadcom declared that its board has approved a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

About Broadcom

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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