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Broadcom (NASDAQ:AVGO) Trading 2.1% Higher Following Analyst Upgrade

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Key Points

  • Broadcom's stock price increased by 2.1% following an upgrade by Evercore ISI, which raised their price target from $342.00 to $403.00 and assigned an outperform rating.
  • Numerous analysts have provided optimistic price targets for Broadcom, with Piper Sandler setting it at $375.00 and KeyCorp at $460.00, demonstrating strong market confidence.
  • Broadcom recently declared a quarterly dividend of $0.59 per share, reflecting a 0.7% annualized dividend yield and a payout ratio of 60.20%.
  • Five stocks to consider instead of Broadcom.

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s stock price was up 2.1% during trading on Wednesday after Evercore ISI raised their price target on the stock from $342.00 to $403.00. Evercore ISI currently has an outperform rating on the stock. Broadcom traded as high as $359.40 and last traded at $351.33. Approximately 22,331,100 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 26,066,273 shares. The stock had previously closed at $344.13.

AVGO has been the subject of a number of other research reports. Piper Sandler boosted their target price on shares of Broadcom from $315.00 to $375.00 and gave the company an "overweight" rating in a research report on Friday, September 5th. KeyCorp set a $460.00 target price on shares of Broadcom in a research report on Monday. UBS Group set a $415.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research report on Tuesday. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Wells Fargo & Company upped their price objective on shares of Broadcom from $255.00 to $345.00 and gave the stock an "equal weight" rating in a research report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $372.33.

Get Our Latest Report on AVGO

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 148,154 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $336.67, for a total value of $49,879,007.18. Following the completion of the transaction, the chief executive officer owned 825,998 shares of the company's stock, valued at $278,088,746.66. This represents a 15.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 7,498 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the transaction, the chief financial officer directly owned 313,330 shares of the company's stock, valued at $108,932,307.80. This represents a 2.34% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 3,550 shares of company stock valued at $1,227,869 and have sold 664,471 shares valued at $225,184,128. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVGO. Brighton Jones LLC increased its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC increased its position in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. GAMMA Investing LLC increased its position in Broadcom by 9.2% during the 1st quarter. GAMMA Investing LLC now owns 103,184 shares of the semiconductor manufacturer's stock valued at $17,276,000 after purchasing an additional 8,672 shares during the period. Grimes & Company Inc. increased its position in Broadcom by 1.1% during the 1st quarter. Grimes & Company Inc. now owns 84,270 shares of the semiconductor manufacturer's stock valued at $14,109,000 after purchasing an additional 912 shares during the period. Finally, Louisbourg Investments Inc. increased its position in Broadcom by 34.5% during the 1st quarter. Louisbourg Investments Inc. now owns 35,080 shares of the semiconductor manufacturer's stock valued at $5,873,000 after purchasing an additional 8,990 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

The stock has a market capitalization of $1.66 trillion, a P/E ratio of 89.63, a PEG ratio of 1.98 and a beta of 1.20. The business has a fifty day simple moving average of $324.84 and a 200-day simple moving average of $265.45. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.03. The firm had revenue of $15.95 billion for the quarter, compared to analysts' expectations of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The company's revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.24 EPS. Broadcom has set its Q4 2025 guidance at EPS. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, September 22nd. Broadcom's dividend payout ratio is presently 60.20%.

Broadcom Company Profile

(Get Free Report)

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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