Evercore ISI Raises Broadcom (NASDAQ:AVGO) Price Target to $304.00

Broadcom (NASDAQ:AVGO - Free Report) had its target price boosted by Evercore ISI from $267.00 to $304.00 in a report issued on Friday morning,Benzinga reports. They currently have an outperform rating on the semiconductor manufacturer's stock.

A number of other analysts have also issued reports on the company. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. Mizuho boosted their target price on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Bank of America cut their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company boosted their target price on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $270.25.

Broadcom Trading Down 5.0%

Shares of AVGO stock traded down $12.98 during trading on Friday, hitting $246.95. 41,055,118 shares of the stock traded hands, compared to its average volume of 30,998,721. The firm has a market capitalization of $1.16 trillion, a P/E 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 firm's fifty day moving average price is $203.73 and its 200-day moving average price is $206.22. Broadcom has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.96 EPS. As a group, research analysts forecast that Broadcom will post 5.38 earnings per share for the current fiscal year.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the first quarter worth about $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at approximately $25,000. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $26,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at approximately $26,000. 76.43% of the stock is owned by hedge funds and other 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.