Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shares traded down 0.8% during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $265.00 to $246.00. Morgan Stanley currently has an overweight rating on the stock. Broadcom traded as low as $198.89 and last traded at $200.51. 17,358,098 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 28,606,877 shares. The stock had previously closed at $202.13.
Other research analysts also recently issued reports about the stock. Benchmark reissued a "buy" rating and set a $255.00 price target (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Piper Sandler boosted their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an "overweight" rating in a research note on Friday, December 13th. Evercore ISI raised their price objective on Broadcom from $201.00 to $250.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Barclays boosted their target price on Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Finally, Susquehanna raised their price target on Broadcom from $200.00 to $225.00 and gave the stock a "positive" rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $225.04.
Get Our Latest Research Report on AVGO
Insider Transactions at Broadcom
In related news, Director Diane M. Bryant sold 15,000 shares of Broadcom stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the sale, the director now directly owns 6,460 shares in the company, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now owns 696,730 shares of the company's stock, valued at $161,627,425.40. This represents a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company's stock.
Institutional Investors Weigh In On Broadcom
A number of large investors have recently made changes to their positions in the company. State Street Corp boosted its stake 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 acquiring an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC lifted its position in Broadcom by 976.6% during the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer's stock valued at $17,055,760,000 after purchasing an additional 89,975,941 shares in the last quarter. FMR LLC grew its holdings in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares during the period. Jennison Associates LLC increased its position in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock worth $6,209,758,000 after buying an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Broadcom by 975.4% in the third 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 buying an additional 30,674,902 shares during the period. 76.43% of the stock is currently owned by institutional investors.
Broadcom Trading Up 2.6 %
The stock has a 50-day moving average price of $213.41 and a two-hundred day moving average price of $181.93. The stock has a market capitalization of $1.04 trillion, a PE ratio of 180.48, a PEG ratio of 2.16 and a beta of 1.03. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analysts' expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company's revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 earnings per share. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.07%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is presently 192.50%.
About Broadcom
(
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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.
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