Broadcom (AVGO) Reaches New 12-Month High Following Analyst Upgrade

Broadcom Inc (NASDAQ:AVGO) hit a new 52-week high during trading on Monday after Mizuho raised their price target on the stock from $305.00 to $335.00. Mizuho currently has a buy rating on the stock. Broadcom traded as high as $317.52 and last traded at $315.16, with a volume of 57126 shares. The stock had previously closed at $317.03.

A number of other equities research analysts have also recently issued reports on AVGO. Zacks Investment Research cut shares of Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. Argus reaffirmed a “buy” rating and issued a $350.00 target price on shares of Broadcom in a report on Monday, March 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $350.00 target price on shares of Broadcom in a report on Friday, March 15th. Deutsche Bank upped their target price on shares of Broadcom from $300.00 to $330.00 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, BidaskClub cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirty-two have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $301.99.

In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $291.27, for a total transaction of $5,825,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas H. Krause sold 14,494 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total transaction of $4,282,252.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,824 shares of company stock worth $20,089,519. Company insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of AVGO. Standard Life Aberdeen plc acquired a new stake in shares of Broadcom during the 3rd quarter worth approximately $508,015,000. Vident Investment Advisory LLC acquired a new stake in Broadcom in the third quarter valued at approximately $912,000. Thrivent Financial for Lutherans boosted its position in Broadcom by 76.6% in the third quarter. Thrivent Financial for Lutherans now owns 30,453 shares of the semiconductor manufacturer’s stock valued at $7,514,000 after buying an additional 13,206 shares in the last quarter. HPM Partners LLC acquired a new stake in Broadcom in the third quarter valued at approximately $1,809,000. Finally, AQR Capital Management LLC boosted its position in Broadcom by 490.2% in the third quarter. AQR Capital Management LLC now owns 513,589 shares of the semiconductor manufacturer’s stock valued at $126,718,000 after buying an additional 426,568 shares in the last quarter. Institutional investors and hedge funds own 86.93% of the company’s stock.

The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The stock has a market cap of $122.48 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.44 and a beta of 0.68.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, beating analysts’ consensus estimates of $4.32 by $1.23. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The firm had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.83 billion. During the same quarter last year, the business posted $5.12 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc will post 17.65 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a $2.65 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $10.60 dividend on an annualized basis and a yield of 3.35%. Broadcom’s dividend payout ratio is currently 56.29%.

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Broadcom Company Profile (NASDAQ:AVGO)

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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