BidaskClub Lowers Broadcom (NASDAQ:AVGO) to Sell

Broadcom (NASDAQ:AVGO) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Thursday, January 11th.

Several other equities research analysts have also recently weighed in on AVGO. Morgan Stanley restated an “overweight” rating and issued a $290.00 price objective on shares of Broadcom in a research report on Saturday, September 30th. Vetr raised shares of Broadcom from a “buy” rating to a “strong-buy” rating and set a $263.97 price target on the stock in a research note on Tuesday, September 26th. Royal Bank of Canada reaffirmed a “top pick” rating and issued a $285.00 price target on shares of Broadcom in a research note on Wednesday, October 11th. Jefferies Group set a $286.00 price target on shares of Broadcom and gave the company a “buy” rating in a research note on Wednesday, October 18th. Finally, Zacks Investment Research raised shares of Broadcom from a “sell” rating to a “hold” rating and set a $316.00 price target on the stock in a research note on Monday, November 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty-three have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $303.02.

Broadcom (AVGO) traded up $6.27 during trading hours on Thursday, hitting $234.37. 3,390,249 shares of the stock were exchanged, compared to its average volume of 3,823,713. The company has a market cap of $94,510.00, a P/E ratio of 59.53, a price-to-earnings-growth ratio of 1.00 and a beta of 0.88. Broadcom has a one year low of $202.61 and a one year high of $285.68. The company has a quick ratio of 5.68, a current ratio of 6.26 and a debt-to-equity ratio of 0.75.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.52 by $0.07. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a net margin of 10.18% and a return on equity of 28.64%. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period last year, the firm posted $3.47 EPS. equities research analysts predict that Broadcom will post 17.14 earnings per share for the current fiscal year.

In related news, CFO Thomas H. Krause sold 656 shares of the stock in a transaction on Monday, December 18th. The stock was sold at an average price of $264.38, for a total value of $173,433.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $260.03, for a total value of $5,200,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 86,674 shares of company stock valued at $22,659,390. Insiders own 3.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of AVGO. Vanguard Group Inc. raised its stake in shares of Broadcom by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after purchasing an additional 793,335 shares during the period. BlackRock Inc. increased its stake in shares of Broadcom by 3.5% during the second 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 period. State Street Corp increased its stake in shares of Broadcom by 1.6% during the second 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 period. Jennison Associates LLC increased its stake in shares of Broadcom by 8.1% during the fourth quarter. Jennison Associates LLC now owns 5,583,858 shares of the semiconductor manufacturer’s stock valued at $1,434,493,000 after buying an additional 418,420 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Broadcom by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 5,309,909 shares of the semiconductor manufacturer’s stock valued at $1,287,864,000 after buying an additional 36,356 shares during the period. Institutional investors own 88.54% of the company’s stock.

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About Broadcom

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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