Cowen reiterated their outperform rating on shares of Broadcom (NASDAQ:AVGO) in a research note issued to investors on Thursday morning, Marketbeat.com reports. They currently have a $320.00 target price on the semiconductor manufacturer’s stock, up from their prior target price of $270.00.
AVGO has been the subject of a number of other reports. B. Riley upped their price objective on shares of Broadcom from $305.00 to $315.00 and gave the stock a buy rating in a research note on Thursday, November 2nd. BMO Capital Markets assumed coverage on shares of Broadcom in a research note on Monday, November 20th. They issued an outperform rating and a $330.00 price objective for the company. Loop Capital reaffirmed a buy rating and issued a $302.00 price objective on shares of Broadcom in a research note on Friday, August 25th. SunTrust Banks reaffirmed a buy rating and issued a $281.00 price objective on shares of Broadcom in a research note on Thursday, October 12th. Finally, Morgan Stanley reissued a buy rating and set a $290.00 price target on shares of Broadcom in a research report on Friday, August 25th. Five research 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. The stock has an average rating of Buy and an average price target of $303.13.
Shares of Broadcom (NASDAQ AVGO) opened at $259.91 on Thursday. The stock has a market cap of $106,037.83, a price-to-earnings ratio of 18.05, a PEG ratio of 1.18 and a beta of 1.05. Broadcom has a one year low of $173.31 and a one year high of $285.68. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.84 and a current ratio of 6.39.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.52 by $0.07. Broadcom had a net margin of 10.18% and a return on equity of 28.61%. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.84 billion. During the same period in the previous year, the firm earned $3.47 earnings per share. The business’s revenue was up 17.1% on a year-over-year basis. sell-side analysts predict that Broadcom will post 16.04 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders 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. The ex-dividend date is Monday, December 18th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.69%. Broadcom’s dividend payout ratio (DPR) is 95.77%.
In other Broadcom news, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $244.01, for a total value of $7,320,300.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas H. Krause sold 2,595 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $267.34, for a total value of $693,747.30. The disclosure for this sale can be found here. Insiders sold a total of 105,177 shares of company stock worth $26,154,512 in the last 90 days. 3.60% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of AVGO. GSA Capital Partners LLP increased its position in shares of Broadcom by 5.7% during the 3rd quarter. GSA Capital Partners LLP now owns 17,928 shares of the semiconductor manufacturer’s stock worth $4,348,000 after purchasing an additional 961 shares during the last quarter. Gofen & Glossberg LLC IL increased its position in shares of Broadcom by 1.5% during the 3rd quarter. Gofen & Glossberg LLC IL now owns 72,608 shares of the semiconductor manufacturer’s stock worth $17,610,000 after purchasing an additional 1,104 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in shares of Broadcom during the 3rd quarter worth about $660,000. Cetera Advisor Networks LLC increased its position in shares of Broadcom by 14.4% during the 3rd quarter. Cetera Advisor Networks LLC now owns 1,541 shares of the semiconductor manufacturer’s stock worth $373,000 after purchasing an additional 194 shares during the last quarter. Finally, Cetera Advisors LLC acquired a new stake in shares of Broadcom during the 3rd quarter worth about $382,000. 88.99% of the stock is owned by institutional investors and hedge funds.
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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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