Broadcom (NASDAQ:AVGO) Shares to Split on Monday, July 15th

Broadcom Inc. (NASDAQ:AVGO - Free Report) shares are going to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be payable to shareholders after the closing bell on Friday, July 12th.

Broadcom Stock Up 1.2 %

NASDAQ AVGO traded up $18.87 during trading hours on Friday, hitting $1,605.53. 6,937,663 shares of the company were exchanged, compared to its average volume of 5,053,887. The company has a 50 day moving average of $1,433.70 and a two-hundred day moving average of $1,303.94. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. Broadcom has a 52-week low of $795.09 and a 52-week high of $1,851.62. The firm has a market cap of $747.36 billion, a price-to-earnings ratio of 69.06, a PEG ratio of 2.75 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, topping the consensus estimate of $10.78 by $0.18. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter in the prior year, the business earned $9.51 EPS. Broadcom's revenue was up 43.0% on a year-over-year basis. Equities research analysts anticipate that Broadcom will post 37.19 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 24th were issued a dividend of $5.25 per share. The ex-dividend date of this dividend was Monday, June 24th. This represents a $21.00 annualized dividend and a yield of 1.31%. Broadcom's dividend payout ratio (DPR) is 90.32%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Oppenheimer increased their price objective on Broadcom from $1,500.00 to $2,000.00 and gave the company an "outperform" rating in a report on Thursday, June 13th. Sanford C. Bernstein raised their target price on Broadcom from $1,600.00 to $1,950.00 and gave the stock an "outperform" rating in a research report on Thursday, June 13th. Cantor Fitzgerald raised their target price on Broadcom from $1,300.00 to $1,600.00 and gave the stock an "overweight" rating in a research report on Monday, March 4th. Barclays raised their target price on Broadcom from $1,500.00 to $2,000.00 and gave the stock an "overweight" rating in a research report on Thursday, June 13th. Finally, TD Cowen raised their target price on Broadcom from $1,500.00 to $1,750.00 and gave the stock a "buy" rating in a research report on Thursday, June 13th. Three research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,673.04.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Justine Page sold 110 shares of Broadcom stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the sale, the director now owns 3,125 shares in the company, valued at $4,134,375. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,364 shares of company stock worth $13,953,966. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

Several hedge funds and other institutional investors have recently bought and sold shares of AVGO. Norges Bank acquired a new position in Broadcom during the fourth quarter worth $6,225,987,000. International Assets Investment Management LLC raised its holdings in Broadcom by 113,495.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer's stock worth $37,140,060,000 after purchasing an additional 3,324,288 shares during the last quarter. Swedbank AB acquired a new position in Broadcom during the first quarter worth $2,835,737,000. Vanguard Group Inc. raised its holdings in Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer's stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer's stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

About Broadcom

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.