Broadcom (NASDAQ:AVGO) Price Target Raised to $265.00 at Oppenheimer

Broadcom (NASDAQ:AVGO - Free Report) had its target price lifted by Oppenheimer from $225.00 to $265.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the semiconductor manufacturer's stock.

Several other research analysts have also recently commented on the company. Susquehanna increased their price target on Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a research report on Thursday. Mizuho increased their price target on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday. Truist Financial raised their price objective on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Citigroup cut their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Redburn Atlantic began coverage on Broadcom in a research report on Wednesday. They issued a "buy" rating and a $301.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $238.77.

Broadcom Stock Down 1.0%

NASDAQ AVGO traded down $2.47 during trading hours on Friday, hitting $239.50. 27,045,094 shares of the company traded hands, compared to its average volume of 31,042,485. The business's 50-day moving average is $195.38 and its 200-day moving average is $203.23. Broadcom has a twelve month low of $128.50 and a twelve month high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 195.35, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom announced that its board has authorized a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is 113.46%.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the 4th quarter valued at about $32,000. 76.43% of the stock is owned by institutional investors.

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.