Broadcom (NASDAQ:AVGO) Board Approves Stock Buyback Plan

Broadcom (NASDAQ:AVGO - Get Free Report) announced that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th, RTT News reports. The company plans to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on AVGO. Jefferies Financial Group lifted their price objective on Broadcom from $205.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Evercore ISI boosted their price target 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. TD Cowen increased their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Citigroup lowered their target price on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $231.68.

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Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $9.64 during midday trading on Friday, reaching $181.94. The company's stock had a trading volume of 33,932,459 shares, compared to its average volume of 31,350,544. The stock has a market capitalization of $855.47 billion, a P/E ratio of 148.40, a PEG ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a 50 day moving average price of $195.52 and a 200-day moving average price of $195.99. Broadcom has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.30%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

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.