JPMorgan Chase & Co. Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its price objective upped by JPMorgan Chase & Co. from $400.00 to $475.00 in a research note published on Friday morning,Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of several other reports. Truist Financial set a $500.00 target price on shares of Broadcom in a research report on Friday. Bank of America boosted their price objective on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday. Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a research report on Monday. Citigroup reiterated a “buy” rating and issued a $480.00 target price (up previously from $415.00) on shares of Broadcom in a report on Friday. Finally, Raymond James Financial set a $420.00 target price on Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $435.85.

Broadcom Stock Down 11.4%

NASDAQ AVGO opened at $359.93 on Friday. The stock has a 50 day moving average price of $363.17 and a 200-day moving average price of $317.38. Broadcom has a one year low of $138.10 and a one year high of $414.61. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The company has a market capitalization of $1.70 trillion, a P/E ratio of 75.62, a P/E/G ratio of 1.38 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same quarter in the previous year, the business posted $1.42 earnings per share. Broadcom’s quarterly revenue was up 28.2% on a year-over-year basis. As a group, equities analysts predict that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is 49.58%.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 368,797 shares of the business’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the sale, the director directly owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 16,558 shares of the company’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the completion of the transaction, the insider owned 329,302 shares in the company, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 837,433 shares of company stock worth $303,900,352 over the last quarter. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadcom

Several large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. raised its position in Broadcom by 2.4% during the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after buying an additional 39,466 shares during the last quarter. Capital Counsel LLC NY acquired a new stake in shares of Broadcom in the second quarter worth $221,000. Waterloo Capital L.P. raised its holdings in shares of Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after purchasing an additional 3,180 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Broadcom by 27.9% during the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after purchasing an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC boosted its holdings in Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after purchasing an additional 8,566 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.