Broadcom (NASDAQ:AVGO) Given New $340.00 Price Target at Rosenblatt Securities

Broadcom (NASDAQ:AVGO - Free Report) had its price objective increased by Rosenblatt Securities from $223.00 to $340.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the semiconductor manufacturer's stock.

AVGO has been the topic of a number of other research reports. Susquehanna lifted their price target on shares of Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a research note on Thursday, May 29th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Citigroup reaffirmed a "buy" rating and issued a $276.00 target price (up from $210.00) on shares of Broadcom in a research note on Tuesday. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Finally, Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and an average target price of $270.25.

Broadcom Trading Down 5.0%

NASDAQ:AVGO traded down $12.98 during mid-day trading on Friday, hitting $246.95. The company had a trading volume of 41,055,118 shares, compared to its average volume of 30,998,721. 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 has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The firm has a market cap of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The business's fifty day moving average is $203.73 and its two-hundred day moving average is $206.22.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the business posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, research analysts expect that Broadcom will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Insiders Place Their Bets

In other Broadcom 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 $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Broadcom

A number of institutional investors have recently modified their holdings of the business. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC grew its position in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after buying an additional 14,399 shares in the last quarter. Kovack Advisors Inc. grew its position in Broadcom by 8.1% during the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock worth $7,971,000 after buying an additional 2,570 shares in the last quarter. SOA Wealth Advisors LLC. increased its stake in Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after acquiring an additional 355 shares during the period. Finally, Coppell Advisory Solutions LLC raised its holdings in Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after acquiring an additional 86,884 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Company Profile

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.