Broadcom’s (AVGO) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Broadcom (NASDAQ:AVGO) in a report published on Friday,Benzinga reports. They currently have a $250.00 price target on the semiconductor manufacturer’s stock.

Other equities analysts have also issued research reports about the stock. Robert W. Baird lifted their price target on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Jefferies Financial Group boosted their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Mizuho boosted their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Piper Sandler boosted their target price on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Susquehanna boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $194.96 on Friday. The firm has a market cap of $913.85 billion, a PE ratio of 159.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The firm’s fifty day moving average is $222.28 and its 200-day moving average is $192.74. 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 has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 earnings per share. Sell-side analysts predict that Broadcom will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.21%. Broadcom’s dividend payout ratio is presently 191.87%.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the sale, the director now owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 in the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of institutional investors have recently added to or reduced their stakes in AVGO. Pin Oak Investment Advisors Inc. grew its position in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter worth about $30,000. 76.43% of the stock is owned by 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.