Broadcom (NASDAQ:AVGO) Coverage Initiated by Analysts at Redburn Atlantic

Redburn Atlantic started coverage on shares of Broadcom (NASDAQ:AVGO - Free Report) in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $301.00 price objective on the semiconductor manufacturer's stock.

Several other research analysts have also recently weighed in on the stock. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Barclays decreased their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Mizuho decreased their price target on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Truist Financial upped their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Finally, KeyCorp upped their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $236.27.

Broadcom Stock Performance

AVGO stock traded up $2.54 during midday trading on Wednesday, reaching $241.97. 20,731,794 shares of the company's stock traded hands, compared to its average volume of 31,021,031. The company has a 50-day moving average price of $193.34 and a two-hundred day moving average price of $202.36. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom has a 52 week low of $128.50 and a 52 week high of $251.88. The firm has a market capitalization of $1.14 trillion, a PE ratio of 197.37, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 0.98%. Broadcom's payout ratio is 113.46%.

Broadcom announced that its board has initiated a stock 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 repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company's stock.

Institutional Trading of Broadcom

Institutional investors have recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the first quarter worth about $25,000. Cheviot Value Management LLC bought a new position in Broadcom in the first quarter worth $25,000. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter valued at $26,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at $26,000. 76.43% of the stock is currently owned by hedge funds and other 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.