Brokerages Set Broadcom Inc. (NASDAQ:AVGO) Target Price at $192.79

Shares of Broadcom Inc. (NASDAQ:AVGO - Get Free Report) have received an average rating of "Buy" from the twenty-six analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $192.79.

Several equities analysts have commented on AVGO shares. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Truist Financial increased their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Rosenblatt Securities reduced their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research report on Friday, September 6th. TD Cowen raised Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Finally, Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. State Street Corp raised its position in shares of Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer's stock worth $31,814,902,000 after purchasing an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer's stock worth $17,055,760,000 after acquiring an additional 89,975,941 shares during the last quarter. FMR LLC lifted its position in shares of Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock worth $5,833,894,000 after purchasing an additional 30,674,902 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Up 0.2 %

Shares of Broadcom stock traded up $0.29 during trading on Friday, hitting $164.23. 17,332,473 shares of the stock were exchanged, compared to its average volume of 18,615,522. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm's 50-day moving average price is $173.70 and its 200 day moving average price is $160.62. The stock has a market cap of $767.05 billion, a price-to-earnings ratio of 142.68, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. Broadcom has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. Broadcom's revenue for the quarter was up 47.3% on a year-over-year basis. As a group, analysts forecast that Broadcom will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is currently 184.19%.

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.