Broadcom (NASDAQ:AVGO) Research Coverage Started at Evercore ISI

Evercore ISI assumed coverage on shares of Broadcom (NASDAQ:AVGO) in a report issued on Tuesday, MarketBeat.com reports. The firm issued an outperform rating and a $1,620.00 price objective on the semiconductor manufacturer’s stock.

AVGO has been the subject of a number of other research reports. StockNews.com cut Broadcom from a buy rating to a hold rating in a report on Thursday, January 4th. Cantor Fitzgerald boosted their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the stock an overweight rating in a report on Monday, March 4th. Rosenblatt Securities reiterated a buy rating and issued a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. UBS Group lifted their price target on shares of Broadcom to $1,480.00 and gave the company a buy rating in a research report on Monday, February 26th. Finally, Oppenheimer reiterated an outperform rating and issued a $1,500.00 price target (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $1,285.41.

Broadcom Trading Down 4.3 %

Broadcom stock opened at $1,204.71 on Tuesday. Broadcom has a 52 week low of $601.29 and a 52 week high of $1,438.17. The stock has a market capitalization of $558.29 billion, a P/E ratio of 44.65, a PEG ratio of 2.62 and a beta of 1.25. The stock has a 50-day simple moving average of $1,305.11 and a 200 day simple moving average of $1,118.75. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the previous year, the company posted $9.83 earnings per share. The business’s revenue was up 34.2% on a year-over-year basis. Analysts expect that Broadcom will post 35.88 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.74%. Broadcom’s dividend payout ratio is currently 77.84%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Broadcom by 7.7% in the fourth quarter. Vanguard Group Inc. now owns 43,347,811 shares of the semiconductor manufacturer’s stock worth $48,386,994,000 after purchasing an additional 3,089,798 shares during the last quarter. Capital International Investors grew its stake in shares of Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after purchasing an additional 1,006,223 shares during the last quarter. State Street Corp grew its stake in shares of Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock worth $10,670,149,000 after purchasing an additional 794,832 shares during the last quarter. Morgan Stanley grew its stake in shares of Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock worth $3,287,056,000 after purchasing an additional 651,014 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Broadcom in the fourth quarter worth $6,225,987,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.