AVGO

Melius Research Initiates Coverage of Broadcom (AVGO) with Buy Recommendation

Fintel reports that on June 3, 2024, Melius Research initiated coverage of Broadcom (NasdaqGS:AVGO) with a Buy recommendation.

Analyst Price Forecast Suggests 18.28% Upside

As of June 1, 2024, the average one-year price target for Broadcom is 1,563.70. The forecasts range from a low of 1,121.10 to a high of $1,806.00. The average price target represents an increase of 18.28% from its latest reported closing price of 1,322.08.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Broadcom is 37,316MM, a decrease of 3.99%. The projected annual non-GAAP EPS is 44.34.

Broadcom Declares $5.25 Dividend

On March 6, 2024 the company declared a regular quarterly dividend of $5.25 per share ($21.00 annualized). Shareholders of record as of March 21, 2024 received the payment on March 29, 2024. Previously, the company paid $5.25 per share.

At the current share price of 1,322.08 / share, the stocks dividend yield is {1}%.

The current dividend yield is 1.76 standard deviations below the historical average.

Additionally, the companys dividend payout ratio is {0}. The payout ratio tells us how much of a companys income is paid out in dividends. A payout ratio of one (1.0) means 100% of the companys income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The companys 3-Year dividend growth rate is {0}%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 4,602 funds or institutions reporting positions in Broadcom. This is an increase of 296 owner(s) or 6.87% in the last quarter. Average portfolio weight of all funds dedicated to AVGO is 1.15%, an increase of 6.13%. Total shares owned by institutions increased in the last three months by 0.26% to 429,740K shares. AVGO / Broadcom Inc. Put/Call Ratios The put/call ratio of AVGO is 0.97, indicating a bullish outlook.

What are Other Shareholders Doing?

AVGO / Broadcom Inc. Shares Held by Institutions

Capital World Investors holds 25,950K shares representing 5.60% ownership of the company. In its prior filing, the firm reported owning 27,899K shares , representing a decrease of 7.51%. The firm increased its portfolio allocation in AVGO by 2.77% over the last quarter.

Capital International Investors holds 20,999K shares representing 4.53% ownership of the company. In its prior filing, the firm reported owning 23,331K shares , representing a decrease of 11.10%. The firm decreased its portfolio allocation in AVGO by 3.48% over the last quarter.

Capital Research Global Investors holds 17,434K shares representing 3.76% ownership of the company. In its prior filing, the firm reported owning 17,810K shares , representing a decrease of 2.16%. The firm increased its portfolio allocation in AVGO by 6.89% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 14,715K shares representing 3.18% ownership of the company. In its prior filing, the firm reported owning 13,928K shares , representing an increase of 5.35%. The firm increased its portfolio allocation in AVGO by 14.37% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 11,090K shares representing 2.39% ownership of the company. In its prior filing, the firm reported owning 10,723K shares , representing an increase of 3.31%. The firm increased its portfolio allocation in AVGO by 8.27% over the last quarter.

Broadcom Background Information
(This description is provided by the company.)

Broadcom Inc., a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Broadcom Inc solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation.

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This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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