Broadcom (NASDAQ:AVGO) Price Target Raised to $330.00

Broadcom (NASDAQ:AVGO - Get Free Report) had its price target lifted by equities research analysts at KeyCorp from $315.00 to $330.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the semiconductor manufacturer's stock. KeyCorp's price objective suggests a potential upside of 20.13% from the stock's previous close.

AVGO has been the subject of a number of other reports. Morgan Stanley boosted their price target on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Finally, HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $285.00.

Broadcom Stock Up 0.2%

Shares of Broadcom stock traded up $0.52 during trading on Tuesday, hitting $274.70. 5,620,390 shares of the stock traded hands, compared to its average volume of 28,437,743. The firm has a market cap of $1.29 trillion, a P/E ratio of 102.88, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom has a 52-week low of $128.50 and a 52-week high of $277.71. The stock's fifty day simple moving average is $240.40 and its 200 day simple moving average is $217.54.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 earnings per share. The company's revenue was up 20.2% on a year-over-year basis. On average, equities analysts predict that Broadcom will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 in the last 90 days. Insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently modified their holdings of the stock. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the fourth quarter valued at approximately $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth approximately $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the 1st quarter worth approximately $25,000. Finally, Cheviot Value Management LLC bought a new position in Broadcom in the 1st quarter worth approximately $25,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

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.

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