Broadcom Inc. (NASDAQ:AVGO) Given Average Recommendation of “Buy” by Brokerages

11 Oct 2024, 23:40 by Kim Johansen · The Markets Daily

Shares of Broadcom Inc. (NASDAQ:AVGO – Get Free Report) have earned an average recommendation of “Buy” from the twenty-six brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $190.29.

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a report on Thursday, June 13th. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays lifted their target price on Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Sanford C. Bernstein increased their price target on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Finally, Jefferies Financial Group raised their price objective on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th.

Read Our Latest Research Report on Broadcom

Broadcom Stock Down 0.1 %

Shares of AVGO opened at $185.69 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom has a 52 week low of $81.83 and a 52 week high of $186.42. The stock has a market capitalization of $864.36 billion, a price-to-earnings ratio of 7.99, a PEG ratio of 2.78 and a beta of 1.17. The stock has a fifty day moving average of $161.39 and a 200-day moving average of $150.97.

Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. As a group, sell-side analysts anticipate that Broadcom will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.14%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,230 shares of company stock valued at $47,190,190 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently modified their holdings of the company. Legend Financial Advisors Inc. lifted its holdings in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the period. Richardson Capital Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth $29,000. Delta Asset Management LLC TN boosted its holdings in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in Broadcom during the first quarter valued at about $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in Broadcom during the fourth quarter worth about $43,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

(Get Free Report