Broadcom (NASDAQ:AVGO) Trading Up 2.1% After Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s share price was up 2.1% on Monday after Citigroup raised their price target on the stock from $210.00 to $276.00. Citigroup currently has a buy rating on the stock. Broadcom traded as high as $249.71 and last traded at $247.22. Approximately 6,098,496 shares changed hands during trading, a decline of 80% from the average daily volume of 30,779,175 shares. The stock had previously closed at $242.07.

Several other equities research analysts have also recently weighed in on the company. Barclays lowered their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Mizuho upped their price objective on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. Truist Financial upped their price objective 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. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Finally, Bank of America lowered their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $241.31.

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. 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 90 days. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several hedge funds and other institutional investors have recently bought and sold shares of AVGO. Norges Bank acquired a new position in Broadcom in the 4th quarter worth approximately $16,893,010,000. Nuveen LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $6,649,117,000. Price T Rowe Associates Inc. MD grew its stake in shares of 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 purchasing an additional 17,985,046 shares during the period. GAMMA Investing LLC grew its stake in shares of Broadcom by 18,179.3% during the 1st 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 period. Finally, GQG Partners LLC grew its stake in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 3.3%

The firm has a market cap of $1.21 trillion, a price-to-earnings ratio of 209.50, a PEG ratio of 2.29 and a beta of 1.04. The business's 50 day moving average price is $196.77 and its 200 day moving average price is $204.25. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.92%. Broadcom's payout ratio is 113.46%.

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

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.