Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shares rose 4% during trading on Tuesday . The stock traded as high as $230.45 and last traded at $230.36. Approximately 8,527,673 shares traded hands during trading, a decline of 73% from the average daily volume of 31,152,638 shares. The stock had previously closed at $221.58.
Analysts Set New Price Targets
A number of equities analysts recently commented on the company. Benchmark reiterated a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Bank of America reduced their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Finally, Truist Financial increased their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $229.48.
Read Our Latest Stock Report on AVGO
Broadcom Stock Down 0.3%
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 firm has a market cap of $1.09 trillion, a PE ratio of 188.98, a PEG ratio of 2.29 and a beta of 1.04. The stock has a fifty day moving average price of $185.35 and a 200-day moving average price of $198.49.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.
Broadcom declared that its board has authorized a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.
Insiders Place Their Bets
In other Broadcom news, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 in the last 90 days. 2.00% of the stock is owned by company insiders.
Hedge Funds Weigh In On Broadcom
A number of institutional investors have recently made changes to their positions in AVGO. Vanguard Group Inc. grew its stake 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 purchasing an additional 2,085,534 shares in the last quarter. Geode Capital Management LLC boosted its stake in Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares in the last quarter. FMR LLC lifted its holdings in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter valued at $16,893,010,000. Finally, Price T Rowe Associates Inc. MD boosted its position in Broadcom by 37.8% during the 1st 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 acquiring an additional 17,985,046 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.
About Broadcom
(
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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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