Broadcom (NASDAQ:AVGO) Price Target Raised to $315.00 at Benchmark

Broadcom (NASDAQ:AVGO - Free Report) had its price objective increased by Benchmark from $255.00 to $315.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the semiconductor manufacturer's stock.

Several other brokerages have also recently issued reports on AVGO. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday. Barclays cut their price objective 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. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Truist Financial increased their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $270.25.

Broadcom Stock Down 5.0%

Shares of NASDAQ AVGO traded down $12.98 during mid-day trading on Friday, reaching $246.95. 41,055,118 shares of the company's stock traded hands, compared to its average volume of 30,998,721. 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 business has a 50-day simple moving average of $203.73 and a 200 day simple moving average of $206.22. The stock has a market cap of $1.16 trillion, a P/E ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm earned $10.96 EPS. On average, analysts expect that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. 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%.

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

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company's stock.

Institutional Trading of Broadcom

A number of hedge funds have recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom in the 1st quarter worth $25,000. Cheviot Value Management LLC bought a new position in shares of Broadcom during the first quarter valued at about $25,000. Canton Hathaway LLC purchased a new position in shares of Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter worth about $26,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter valued at about $26,000. Institutional investors own 76.43% of the company's stock.

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.