Royal Bank Of Canada Increases Broadcom (AVGO) Price Target to $315.00

Broadcom (NASDAQ:AVGO) had its price objective raised by Royal Bank Of Canada from $300.00 to $315.00 in a research report report published on Monday, November 20th, Marketbeat.com reports. The firm currently has a top pick rating on the semiconductor manufacturer’s stock.

Several other research analysts have also recently commented on the stock. Barclays increased their target price on shares of Broadcom from $290.00 to $300.00 and gave the stock an overweight rating in a report on Wednesday, October 18th. B. Riley upped their price target on shares of Broadcom from $305.00 to $315.00 and gave the stock a buy rating in a research report on Thursday, November 2nd. Vetr lowered shares of Broadcom from a buy rating to a hold rating and set a $261.95 price target on the stock. in a research report on Monday, September 4th. Zacks Investment Research raised shares of Broadcom from a hold rating to a buy rating and set a $272.00 price target on the stock in a research report on Tuesday, August 29th. Finally, KeyCorp reaffirmed a buy rating and set a $290.00 price target on shares of Broadcom in a research report on Tuesday, October 17th. Five investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $291.42.

Shares of Broadcom (NASDAQ AVGO) traded down $1.96 on Monday, reaching $261.65. 3,809,393 shares of the company traded hands, compared to its average volume of 2,768,409. Broadcom has a fifty-two week low of $163.45 and a fifty-two week high of $285.68. The firm has a market capitalization of $110,790.88, a PE ratio of 20.53, a price-to-earnings-growth ratio of 1.30 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.48 and a quick ratio of 3.84.

In other Broadcom news, SVP Charlie B. Kawwas sold 1,788 shares of the stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $247.28, for a total transaction of $442,136.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas H. Krause sold 2,595 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $267.34, for a total transaction of $693,747.30. The disclosure for this sale can be found here. Insiders have sold 104,383 shares of company stock worth $25,949,184 over the last quarter. Corporate insiders own 3.60% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Broadcom by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock valued at $6,423,271,000 after buying an additional 793,335 shares during the last quarter. BlackRock Inc. raised its holdings in Broadcom by 3.5% in the 2nd quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock valued at $5,577,099,000 after buying an additional 798,982 shares during the last quarter. State Street Corp raised its holdings in Broadcom by 1.6% in the 2nd quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock valued at $3,742,946,000 after buying an additional 255,044 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Broadcom by 18.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock valued at $2,028,442,000 after buying an additional 1,338,695 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Broadcom by 26.7% in the 2nd quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock valued at $1,245,855,000 after buying an additional 1,128,052 shares during the last quarter. Institutional investors own 88.99% of the company’s stock.

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Broadcom Company Profile

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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