Barclays Lowers Broadcom (NASDAQ:AVGO) Price Target to $215.00

Broadcom (NASDAQ:AVGO - Free Report) had its target price cut by Barclays from $260.00 to $215.00 in a research report report published on Tuesday morning, MarketBeat reports. They currently have an overweight rating on the semiconductor manufacturer's stock.

A number of other research firms have also recently issued reports on AVGO. Truist Financial upped their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Bank of America decreased their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Finally, Mizuho lowered their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $229.48.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $4.16 during trading hours on Tuesday, hitting $192.31. 21,216,875 shares of the stock were exchanged, compared to its average volume of 31,284,383. Broadcom has a one year low of $122.33 and a one year high of $251.88. The company's 50 day moving average is $184.36 and its 200 day moving average is $196.02. 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 firm has a market capitalization of $904.23 billion, a P/E ratio of 156.86, a P/E/G ratio of 2.29 and a beta of 1.05.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom's dividend payout ratio is 113.46%.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadcom

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC boosted its holdings in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank bought a new stake in shares of Broadcom in the 4th quarter valued at about $16,893,010,000. Finally, Northern Trust Corp raised its position in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares during the period. 76.43% of the stock is 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.