Broadcom (NASDAQ:AVGO) Trading 3.4% Higher on Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s stock price shot up 3.4% on Monday after Morgan Stanley raised their price target on the stock from $233.00 to $265.00. Morgan Stanley currently has an overweight rating on the stock. Broadcom traded as high as $232.05 and last traded at $227.74. 12,592,956 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 30,441,766 shares. The stock had previously closed at $220.20.

A number of other equities research analysts also recently commented on AVGO. Evercore ISI lifted their target price on shares of Broadcom from $201.00 to $250.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Truist Financial increased their target price on Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Broadcom from $190.00 to $240.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. UBS Group lifted their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Finally, Hsbc Global Res upgraded Broadcom to a "hold" rating in a research note on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus target price of $221.88.

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Insider Activity

In other news, Director Harry L. You sold 6,540 shares of the company's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the company's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 242,420 shares of company stock valued at $42,701,286. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadcom

A number of large investors have recently modified their holdings of AVGO. AXA S.A. raised its stake in shares of Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock valued at $467,334,000 after buying an additional 7,608 shares during the last quarter. Strait & Sound Wealth Management LLC boosted its position in Broadcom by 829.8% in the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer's stock worth $1,371,000 after purchasing an additional 7,095 shares in the last quarter. Catalyst Financial Partners LLC increased its holdings in shares of Broadcom by 943.3% during the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock valued at $3,473,000 after purchasing an additional 18,206 shares in the last quarter. Whittier Trust Co. boosted its holdings in Broadcom by 947.2% during the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock worth $119,000,000 after buying an additional 623,983 shares in the last quarter. Finally, Tidal Investments LLC raised its position in shares of Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer's stock worth $66,696,000 after acquiring an additional 350,485 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

The stock has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 201.87, a PEG ratio of 2.15 and a beta of 1.13. The stock has a 50-day moving average price of $179.49 and a 200 day moving average price of $167.66. 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 - Get Free Report) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. The firm's revenue was up 51.2% compared to the same quarter last year. As a group, equities research analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 23rd will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.02%. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Monday, December 23rd. Broadcom's payout ratio is presently 191.87%.

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.