Broadcom (NASDAQ:AVGO) has a gap up to $165.78

VaselineAugust 25, 2024

0 4 minutes read

Shares of Broadcom Inc. (NASDAQ:AVGO – Get Free Report ) were lower before the market opened on Thursday. The stock had previously closed at $165.78 but opened at $170.84. Broadcom stock last traded at $169.82 with a volume of 3,338,427 shares.

Analysts set new price targets

Several equities analysts have commented on AVGO shares. Melius Research began coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target on the stock. Evercore ISI upped their target price on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Citigroup reiterated a “buy” rating and set a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Barclays boosted their price objective on shares of Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Finally, Goldman Sachs Group upped their target price on shares of Broadcom from $155.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. Broadcom has an average rating of “Moderate Buy” and a consensus price target of $240.08, according to MarketBeat.com.

Read the latest stock report on Broadcom

Broadcom trading rose 2.5%

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The company has a 50-day moving average of $191.88 and a 200-day moving average of $153.56. The firm has a market cap of $774.39 billion, a price-to-earnings ratio of 7.16, a price-to-earnings-growth ratio of 2.59 and a beta of 1.17. The company has a current ratio of 1.25, a quick ratio of 1.16, and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO – Get Your Free Report ) last posted its earnings results on Wednesday, June 12th. The semiconductor maker reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. In the same quarter last year, the company earned $0.95 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 3.74 EPS for the current year.

Broadcom cuts dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were issued a dividend of $0.525 per share. This represents an annualized dividend of $2.10 and a dividend yield of 1.26%. The ex-dividend date was Monday, June 24. Broadcom’s payout ratio is 9.03%.

Insider Trading at Broadcom

In related news, Director Justine Page sold 2,540 shares of the 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 sale, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. In other Broadcom news, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated 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 directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of shares are owned by company insiders.

Institutional investors weigh in on Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Cetera Investment Advisers lifted its position in Broadcom by 0.4% during the 2nd quarter. Cetera Investment Advisers now owns 103,316 shares of the semiconductor maker’s stock worth $165,878,000 after buying an additional 375 shares during the period respective. SPC Financial Inc. boosted its stake in Broadcom by 19.3% in the second quarter. SPC Financial Inc. now owns 872 shares of the semiconductor maker’s stock worth $1,400,000 after purchasing an additional 141 shares during the last quarter. Granite Bay Wealth Management LLC purchased a new position in Broadcom in the second quarter valued at approximately $7,875,000. Ted Buchan & Co bought a new position in Broadcom in the second quarter valued at approximately $1,700,000. Finally, IMS Capital Management grew its holdings in Broadcom by 999.2% during the 2nd quarter. IMS Capital Management now owns 6,650 shares of the semiconductor maker’s stock worth $10,677,000 after purchasing another 6,045 shares during that period. Institutional investors own 76.43% of the company’s shares.

Broadcom Company Profile

(Get a free report)

Broadcom Inc designs, develops and supplies various semiconductor devices with a focus on complex and mixed-signal complementary metal oxide semiconductor devices and III-V analog products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.