Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Mizuho Analyst Says

Broadcom (NASDAQ:AVGO - Get Free Report) had its price objective boosted by investment analysts at Mizuho from $300.00 to $310.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the semiconductor manufacturer's stock. Mizuho's price target would indicate a potential upside of 24.16% from the stock's previous close.

A number of other research analysts also recently issued reports on the stock. Barclays dropped their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company lifted their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday. Citigroup reaffirmed a "buy" rating and set a $276.00 target price (up previously from $210.00) on shares of Broadcom in a research note on Tuesday. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, Rosenblatt Securities raised their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday. Three analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $269.42.

Broadcom Price Performance

Shares of NASDAQ AVGO traded down $10.24 during midday trading on Friday, reaching $249.69. 25,406,567 shares of the company were exchanged, compared to its average volume of 29,037,461. The stock's 50-day moving average price is $202.16 and its 200-day moving average price is $205.65. The stock has a market cap of $1.17 trillion, a P/E ratio of 203.65, a PEG ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom has a one year low of $128.50 and a one year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its 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. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the company earned $10.96 earnings per share. The business's quarterly revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy 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.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 over the last ninety days. Company insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Broadcom

A number of large investors have recently added to or reduced their stakes in AVGO. Norges Bank purchased a new position in shares of Broadcom during the 4th quarter valued at about $16,893,010,000. Nuveen LLC bought a new stake in shares of Broadcom in the 1st quarter worth approximately $6,649,117,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer's stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares in the last quarter. GAMMA Investing LLC lifted its stake in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Finally, GQG Partners LLC boosted its position in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the period. Hedge funds and other 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.

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