Key Points
- Broadcom insider Mark David Brazeal sold shares in two June transactions, including 3,327 shares on June 16 and 4,825 shares on June 17, for more than $3.1 million total. The sales reduced his ownership only slightly, by about 1.2%.
- Broadcom reported strong quarterly results, with earnings per share of $2.44, topping estimates, and revenue of $22.19 billion, also slightly above expectations. Revenue jumped 47.9% year over year, and analysts expect full-year EPS of 10.24.
- The company remains supported by bullish analyst coverage and dividend news, with multiple firms raising targets and maintaining buy ratings, while Broadcom also declared a quarterly dividend of $0.65 per share payable June 30. The stock carries a consensus rating of “Moderate Buy” and an average price target of $490.13.
Broadcom Inc. (NASDAQ:AVGO - Get Free Report) insider Mark David Brazeal sold 3,327 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $381.87, for a total transaction of $1,270,481.49. Following the completion of the sale, the insider directly owned 274,814 shares of the company's stock, valued at approximately $104,943,222.18. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Mark David Brazeal also recently made the following trade(s):
- On Wednesday, June 17th, Mark David Brazeal sold 4,825 shares of Broadcom stock. The shares were sold at an average price of $394.91, for a total transaction of $1,905,440.75.
Broadcom Stock Performance
Shares of AVGO stock opened at $411.35 on Friday. The stock's 50-day moving average is $410.21 and its two-hundred day moving average is $363.17. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a 1 year low of $244.17 and a 1 year high of $495.00. The firm has a market cap of $1.96 trillion, a price-to-earnings ratio of 68.56, a PEG ratio of 0.69 and a beta of 1.41.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. During the same period in the previous year, the business earned $1.58 EPS. The business's quarterly revenue was up 47.9% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 10.24 earnings per share for the current year.
Broadcom Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom's payout ratio is 43.33%.
Key Headlines Impacting Broadcom
Here are the key news stories impacting Broadcom this week:
Hedge Funds Weigh In On Broadcom
A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Brighton Jones LLC raised its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. United Bank boosted its holdings in Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after purchasing an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in Broadcom by 10.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock valued at $3,499,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Capital & Planning LLC increased its position in Broadcom by 10.5% during the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock worth $1,098,000 after purchasing an additional 378 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
AVGO has been the subject of several research analyst reports. Susquehanna reissued a "positive" rating and issued a $490.00 price objective (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $500.00 to $580.00 and gave the company an "overweight" rating in a report on Thursday, June 4th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. Morgan Stanley set a $502.00 price target on shares of Broadcom and gave the company an "overweight" rating in a research report on Thursday, June 4th. Finally, TD Cowen reiterated a "buy" rating and set a $500.00 price target on shares of Broadcom in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $490.13.
View Our Latest Stock Analysis on AVGO
About Broadcom
(
Get Free Report)
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
Further Reading
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