Broadcom (NASDAQ:AVGO) Stock Rating Reaffirmed by Benchmark

Benchmark reissued their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research report released on Friday morning, Benzinga reports. Benchmark currently has a $210.00 target price on the semiconductor manufacturer’s stock.

AVGO has been the topic of a number of other reports. Melius started coverage on shares of Broadcom in a research note on Monday, June 3rd. They issued a buy rating and a $185.00 price objective on the stock. Piper Sandler raised their price target on shares of Broadcom from $165.00 to $200.00 and gave the company an overweight rating in a research report on Thursday, June 13th. Citigroup reissued a buy rating and set a $156.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $170.00 to $200.00 and gave the company an overweight rating in a research report on Thursday, June 13th. Finally, UBS Group raised their price target on shares of Broadcom from $161.00 to $173.50 and gave the company a buy rating in a research report on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $189.23.

Broadcom Stock Up 2.8 %

Broadcom stock opened at $140.82 on Friday. Broadcom has a 1-year low of $79.51 and a 1-year high of $185.16. The firm has a market capitalization of $655.50 billion, a price-to-earnings ratio of 6.06, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. The firm’s fifty day moving average price is $189.01 and its two-hundred day moving average price is $156.19. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, equities research analysts predict that Broadcom will post 3.75 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.51%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Hedge funds have recently bought and sold shares of the stock. Legend Financial Advisors Inc. lifted its position in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new stake in Broadcom during the first quarter valued at approximately $29,000. Delta Asset Management LLC TN lifted its position in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new stake in Broadcom during the first quarter valued at approximately $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in Broadcom during the first quarter valued at approximately $37,000. 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.