Citigroup Raises Broadcom (NASDAQ:AVGO) Price Target to $285.00

Broadcom (NASDAQ:AVGO - Get Free Report) had its price objective upped by Citigroup from $276.00 to $285.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor manufacturer's stock. Citigroup's price objective would suggest a potential upside of 15.86% from the stock's previous close.

Other analysts have also issued research reports about the company. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday. Mizuho increased their target price on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday. Wells Fargo & Company lifted their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday. Finally, KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $272.71.

Broadcom Price Performance

Shares of AVGO traded up $1.72 during trading hours on Monday, reaching $246.00. 12,568,670 shares of the company's stock traded hands, compared to its average volume of 28,996,039. Broadcom has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.16 trillion, a PE ratio of 200.65, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The firm's 50 day simple moving average is $205.17 and its 200-day simple moving average is $207.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the business posted $10.96 earnings per share. Equities analysts expect that Broadcom will post 5.38 EPS for the current year.

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

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last quarter. Corporate insiders own 2.00% of the company's stock.

Institutional Trading of Broadcom

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Broadcom by 0.4% in the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock worth $79,900,968,000 after acquiring an additional 2,085,534 shares during the period. Geode Capital Management LLC raised its position in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC lifted its position in shares of Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new position in Broadcom in the 4th quarter worth approximately $16,893,010,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer's stock worth $10,968,270,000 after buying an additional 17,985,046 shares in the last quarter. 76.43% of the stock is currently owned by 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.