Broadcom (NASDAQ:AVGO) Trading Up 2.8% - Here's What Happened

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shot up 2.8% on Friday . The company traded as high as $176.10 and last traded at $176.10. 4,843,802 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 30,263,473 shares. The stock had previously closed at $171.35.

Analysts Set New Price Targets

Several analysts have issued reports on AVGO shares. Cantor Fitzgerald lifted their price target on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. UBS Group dropped their target price on Broadcom from $173.50 to $170.00 and set a "buy" rating on the stock in a research report on Monday, September 9th. Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. William Blair began coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Finally, The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $191.54.

Broadcom Price Performance

The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average of $168.03 and a 200-day moving average of $154.41. The firm has a market capitalization of $805.29 billion, a P/E ratio of 7.57, a P/E/G ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom's revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.23%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is currently 9.12%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 150,000 shares of the business's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last three months. Corporate insiders own 2.00% of the company's stock.

Institutional Trading of Broadcom

Large investors have recently bought and sold shares of the business. Brookstone Capital Management increased its position in Broadcom by 7.6% during the 1st quarter. Brookstone Capital Management now owns 2,981 shares of the semiconductor manufacturer's stock worth $3,952,000 after purchasing an additional 211 shares in the last quarter. Cypress Wealth Services LLC increased its holdings in shares of Broadcom by 78.2% during the first quarter. Cypress Wealth Services LLC now owns 376 shares of the semiconductor manufacturer's stock worth $499,000 after buying an additional 165 shares in the last quarter. Norwood Financial Corp increased its holdings in shares of Broadcom by 40.0% during the first quarter. Norwood Financial Corp now owns 105 shares of the semiconductor manufacturer's stock worth $139,000 after buying an additional 30 shares in the last quarter. Ameliora Wealth Management Ltd. boosted its holdings in shares of Broadcom by 18.7% during the 1st quarter. Ameliora Wealth Management Ltd. now owns 927 shares of the semiconductor manufacturer's stock valued at $1,229,000 after acquiring an additional 146 shares in the last quarter. Finally, Capital Insight Partners LLC boosted its holdings in shares of Broadcom by 17.2% during the 1st quarter. Capital Insight Partners LLC now owns 429 shares of the semiconductor manufacturer's stock valued at $569,000 after acquiring an additional 63 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

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.