Broadcom Inc (NASDAQ:AVGO) has been given a consensus recommendation of “Buy” by the forty-three ratings firms that are covering the company, MarketBeat reports. Nine equities research analysts have rated the stock with a hold rating and thirty-four have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $290.86.
Several equities research analysts recently commented on the stock. Jefferies Financial Group lifted their price target on shares of Broadcom to $314.00 and gave the stock a “buy” rating in a research note on Friday. BidaskClub lowered shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a research note on Wednesday. MKM Partners lifted their price target on shares of Broadcom from $255.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Cascend Securities upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Friday.
Shares of AVGO traded up $1.32 during midday trading on Monday, reaching $228.56. The stock had a trading volume of 7,836,613 shares, compared to its average volume of 2,909,609. Broadcom has a 1-year low of $197.46 and a 1-year high of $274.26. The firm has a market capitalization of $93.95 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.98 and a beta of 1.03. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Wednesday, December 19th will be paid a $2.65 dividend. The ex-dividend date of this dividend is Tuesday, December 18th. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. This represents a $10.60 dividend on an annualized basis and a yield of 4.64%. Broadcom’s payout ratio is currently 37.17%.
In other news, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $238.62, for a total transaction of $4,772,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,194 shares of company stock worth $14,266,145. 3.30% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Broadcom by 6.6% in the third quarter. Vanguard Group Inc. now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after acquiring an additional 2,094,847 shares in the last quarter. Capital International Investors boosted its holdings in shares of Broadcom by 504.1% in the third quarter. Capital International Investors now owns 27,509,769 shares of the semiconductor manufacturer’s stock valued at $6,787,485,000 after acquiring an additional 22,955,578 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Broadcom by 0.8% in the third quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock valued at $6,397,772,000 after acquiring an additional 209,280 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Broadcom by 16.3% in the third quarter. Capital Research Global Investors now owns 25,694,725 shares of the semiconductor manufacturer’s stock valued at $6,339,659,000 after acquiring an additional 3,608,395 shares in the last quarter. Finally, FMR LLC purchased a new stake in shares of Broadcom in the second quarter valued at about $2,768,560,000. 85.22% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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