Broadcom (NASDAQ:AVGO) Stock Price Up 2.3% - What's Next?

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s stock price was up 2.3% during mid-day trading on Thursday . The company traded as high as $239.50 and last traded at $237.06. Approximately 11,309,742 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 30,456,207 shares. The stock had previously closed at $231.84.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Bank of America raised their price objective on shares of Broadcom from $215.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Citigroup upped their price objective on Broadcom from $175.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Robert W. Baird lifted their target price on Broadcom from $195.00 to $210.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Finally, Morgan Stanley lifted their price objective on shares of Broadcom from $233.00 to $265.00 and gave the company an "overweight" rating in a report on Friday, December 20th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $221.88.

Broadcom Trading Up 0.1 %

The company has a market cap of $1.09 trillion, a P/E ratio of 201.55, a PEG ratio of 2.15 and a beta of 1.13. The firm's 50 day moving average is $190.08 and its two-hundred day moving average is $173.46. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analysts' expectations of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm's revenue was up 51.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 191.87%.

Insider Activity at Broadcom

In other news, Director Harry L. You sold 6,540 shares of the company's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares of the company's stock, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 154,408 shares of company stock worth $33,412,228 in the last quarter. Company insiders own 2.00% of the company's stock.

Institutional Trading of Broadcom

Several institutional investors and hedge funds have recently modified their holdings of AVGO. First Financial Bank Trust Division boosted its position in shares of Broadcom by 6.1% during the fourth quarter. First Financial Bank Trust Division now owns 35,031 shares of the semiconductor manufacturer's stock valued at $8,122,000 after buying an additional 2,021 shares during the last quarter. Global Wealth Strategies & Associates boosted its holdings in Broadcom by 60.6% during the 4th quarter. Global Wealth Strategies & Associates now owns 506 shares of the semiconductor manufacturer's stock worth $117,000 after acquiring an additional 191 shares during the last quarter. BancFirst Trust & Investment Management bought a new stake in shares of Broadcom in the 4th quarter worth $294,000. Independent Solutions Wealth Management LLC lifted its position in shares of Broadcom by 846.9% during the third quarter. Independent Solutions Wealth Management LLC now owns 49,136 shares of the semiconductor manufacturer's stock valued at $8,476,000 after purchasing an additional 43,947 shares in the last quarter. Finally, Syntax Research Inc. grew its position in Broadcom by 882.8% in the 3rd quarter. Syntax Research Inc. now owns 6,899 shares of the semiconductor manufacturer's stock worth $1,190,000 after purchasing an additional 6,197 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.