Susquehanna Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO - Free Report) had its price objective raised by Susquehanna from $280.00 to $300.00 in a research note released on Friday morning,Benzinga reports. Susquehanna currently has a positive rating on the semiconductor manufacturer's stock.

Other equities research analysts have also recently issued reports about the stock. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. UBS Group raised their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday. Citigroup reaffirmed a "buy" rating and issued a $276.00 target price (up from $210.00) on shares of Broadcom in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Morgan Stanley lifted their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $272.71.

Broadcom Trading Down 1.1%

Broadcom stock traded down $2.65 during trading hours on Friday, reaching $244.28. The stock had a trading volume of 25,224,183 shares, compared to its average volume of 31,028,621. The stock has a market cap of $1.15 trillion, a PE ratio of 199.25, a PEG ratio of 2.29 and a beta of 1.11. Broadcom has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a fifty day simple moving average of $205.17 and a 200-day simple moving average of $207.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS 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 firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the company posted $10.96 EPS. The company's quarterly revenue was up 20.2% compared to the same quarter last year. Analysts forecast that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.97%. Broadcom's dividend payout ratio is currently 88.39%.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 over the last three months. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

Large investors have recently made changes to their positions in the stock. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth approximately $25,000. Cheviot Value Management LLC bought a new stake in Broadcom during the first quarter valued at approximately $25,000. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter valued at approximately $26,000. Finally, Inlight Wealth Management LLC bought a new stake in Broadcom during the first quarter valued at approximately $26,000. 76.43% of the stock is currently owned by institutional investors.

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.