The Vanguard Group, Inc. recently announced the acquisition of new stake in Broadcom Inc. (NASDAQ:AVGO). The institutional investor has increased its shareholding in the Technology company by 3.82% to 37.3 million shares with purchase of 1.37 million shares. This fresh investment now brings its stake to 8.93% valued currently at $22.17 billion. In addition, Capital Research & Management Co raised its holdings by 0.47 million to 30.22 million shares. And Capital Research & Management Co has lifted its position by 2.78% or 0.59 million shares – to 21.8 million shares.
With over 2.24 million Broadcom Inc. (AVGO) shares trading Monday and a closing price of $616.47 on the day, the dollar volume was approximately $1.38 billion. The shares have shown a positive half year performance of 18.01% and its price on 03/13/23 gained nearly 0.27%. Currently, there are 418.00M common shares owned by the public and among those 414.94M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 27 analysts who have offered their price forecasts for AVGO have a consensus price objective of $698.72. The analysts have set the share’s price value over the next 12 months at a high of $775.00 and a low of $600.00. The average price target is 8.19% above its recent price level and a downside to the estimated low will see the stock lose -2.75% over that period. But an upside of 20.46% will see the stock hit the forecast high price target while median target price for the stock is $700.00.
Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 9 of these insider trades were purchases, accounting for 291,035 shares. Insider sales of the common stock occurred on 23 occasions, with total insider shares sold totaling 240,777 shares.
The top 3 mutual fund holders in Broadcom Inc. are Washington Mutual Investors Fund, Vanguard Total Stock Market Index, and American Balanced Fund. Washington Mutual Investors Fund owns 14.63 million shares of the company’s stock, all valued at over $8.69 billion. The company sold -0.29 million shares recently to bring their total holdings to about 3.50% of the shares outstanding. Vanguard Total Stock Market Index bought 95585.0 shares to see its total holdings expand to 12.41 million shares valued at over $7.38 billion and representing 2.97% of the shares outstanding. American Balanced Fund sold -0.2 million shares to bring its total holdings to over 9.39 million shares at a value of $5.58 billion. American Balanced Fund now owns shares totaling to 2.25% of the shares outstanding.
Shares of Broadcom Inc. (NASDAQ: AVGO) opened at $607.09, down -$7.74 from a prior closing price of $614.83. However, the script later moved the day high at 624.38, up 0.27%. The company’s stock has a 5-day price change of -2.60% and 16.08% over the past three months. AVGO shares are trading 10.26% year to date (YTD), with the 12-month market performance up to 4.89% higher. It has a 12-month low price of $415.07 and touched a high of $645.31 over the same period. AVGO has an average intraday trading volume of 2.29 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.30%, 4.55%, and 16.39% respectively.
Institutional ownership of Broadcom Inc. (NASDAQ: AVGO) shares accounts for 80.70% of the company’s 418.00M shares outstanding. Mutual fund holders own 28.64%, while other institutional holders and individual stakeholders account for 53.85% and 2.87% respectively.
It has a market capitalization of $260.24B and a beta (3y monthly) value of 1.11. The stock’s trailing 12-month PE ratio is 20.73, while the earnings-per-share (ttm) stands at $29.74. The company has a PEG of 2.21 and a Quick Ratio of 2.30 with the debt-to-equity ratio at 1.69. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.49% over the week and 2.03% over the month.
Analysts forecast that Broadcom Inc. (AVGO) will achieve an EPS of $10.12 for the current quarter, $9.75 for the next quarter and $43.34 for 2024. The lowest estimate earnings-per-share for the quarter is $8.77 while analysts give the company a high EPS estimate of $10.35. Comparatively, EPS for the current quarter was $8.39 a year ago. Earnings per share for the fiscal year are expected to increase by 76.80%, and 6.55% over the next financial year. EPS should shrink at an annualized rate of 9.40% over the next five years, compared to 45.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Broadcom Inc. (AVGO) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 18 Wall Street analysts polled rate the stock as a buy, while 5 of the 27 advise that investors “hold,” and 0 rated it as a “Sell.”
Exane BNP Paribas coverage for the Broadcom Inc. (AVGO) stock in a research note released on February 28, 2023 offered a Outperform rating with a price target of $660. Truist was of a view on January 23, 2023 that the stock is Buy, while Cowen gave the stock Market Perform rating on December 09, 2022, issuing a price target of $540- $555. UBS on their part issued Buy rating on March 04, 2022.
