Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shares were up 1.6% on Thursday . The stock traded as high as $257.89 and last traded at $256.99. Approximately 7,210,420 shares were traded during trading, a decline of 77% from the average daily volume of 30,874,428 shares. The stock had previously closed at $252.91.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on AVGO shares. Barclays increased their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Citigroup increased their price objective on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Oppenheimer increased their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Rosenblatt Securities increased their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Morgan Stanley raised their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $276.09.
Get Our Latest Stock Analysis on AVGO
Broadcom Stock Down 2.9%
The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $1.17 trillion, a price-to-earnings ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The stock's 50 day moving average is $213.01 and its 200 day moving average is $209.85.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the business earned $10.96 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is 88.39%.
Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.
Insider Buying and Selling
In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now owns 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 730,576 shares of company stock worth $133,778,494. Corporate insiders own 2.00% of the company's stock.
Institutional Trading of Broadcom
A number of large investors have recently added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares in the last quarter. Kovack Advisors Inc. lifted its holdings in shares of Broadcom by 8.1% in the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after purchasing an additional 2,570 shares in the last quarter. SOA Wealth Advisors LLC. lifted its holdings in shares of Broadcom by 50.6% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after purchasing an additional 355 shares in the last quarter. Finally, Coppell Advisory Solutions LLC lifted its holdings in shares of Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after purchasing an additional 86,884 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.
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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