Craig Hallum reissued their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research note issued to investors on Thursday morning. They currently have a $330.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $290.00.
A number of other equities analysts have also recently commented on the stock. Barclays lifted their target price on shares of Broadcom from $290.00 to $300.00 and gave the company an overweight rating in a report on Wednesday, October 18th. B. Riley lifted their target price on shares of Broadcom from $305.00 to $315.00 and gave the company a buy rating in a report on Thursday, November 2nd. Vetr cut shares of Broadcom from a buy rating to a hold rating and set a $261.95 target price on the stock. in a 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 target price on the stock in a report on Tuesday, August 29th. Finally, KeyCorp reaffirmed a buy rating and issued a $290.00 target price on shares of Broadcom in a report on Tuesday, October 17th. Five analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $300.62.
Shares of Broadcom (NASDAQ:AVGO) traded down $3.98 during trading on Thursday, hitting $259.91. 4,130,199 shares of the stock were exchanged, compared to its average volume of 2,804,821. The firm has a market cap of $107,661.69, a PE ratio of 18.33, a price-to-earnings-growth ratio of 1.27 and a beta of 1.05. Broadcom has a fifty-two week low of $173.31 and a fifty-two week high of $285.68. The company has a quick ratio of 3.84, a current ratio of 4.48 and a debt-to-equity ratio of 0.60.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating analysts’ consensus estimates of $4.52 by $0.07. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Broadcom had a net margin of 10.18% and a return on equity of 28.91%. The company’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.47 EPS. equities analysts expect that Broadcom will post 16.01 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Tuesday, December 19th will be given a dividend of $1.75 per share. This is a positive change from Broadcom’s previous quarterly dividend of $1.02. This represents a $7.00 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Monday, December 18th. Broadcom’s payout ratio is presently 95.77%.
In other Broadcom news, SVP Bryan Ingram sold 30,000 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $244.01, for a total transaction of $7,320,300.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Charlie B. Kawwas sold 1,788 shares of the business’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $247.28, for a total transaction of $442,136.64. The disclosure for this sale can be found here. Insiders have sold a total of 105,177 shares of company stock worth $26,154,512 over the last 90 days. Insiders own 3.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Mountain Capital Investment Advisors Inc acquired a new position in shares of Broadcom during the 2nd quarter worth $113,000. AllSquare Wealth Management LLC acquired a new position in shares of Broadcom during the 3rd quarter worth $113,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Broadcom during the 2nd quarter worth $116,000. Tower Research Capital LLC TRC raised its stake in shares of Broadcom by 473.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock worth $134,000 after buying an additional 473 shares during the last quarter. Finally, Catamount Wealth Management acquired a new position in shares of Broadcom during the 2nd quarter worth $140,000. 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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