SunTrust Banks Cuts Broadcom (AVGO) Price Target to $335.00

Broadcom (NASDAQ:AVGO) had its target price cut by SunTrust Banks to $335.00 in a research note released on Tuesday, March 13th, The Fly reports. They currently have a buy rating on the semiconductor manufacturer’s stock. The analysts noted that the move was a valuation call.

Other equities research analysts also recently issued reports about the company. Vetr raised Broadcom from a hold rating to a buy rating and set a $269.37 price objective on the stock in a report on Thursday, January 25th. B. Riley reaffirmed a buy rating and set a $315.00 price objective on shares of Broadcom in a report on Monday, November 20th. Susquehanna Bancshares lifted their price objective on Broadcom from $300.00 to $325.00 and gave the company a positive rating in a report on Wednesday, December 6th. Zacks Investment Research downgraded Broadcom from a buy rating to a hold rating in a report on Wednesday, February 7th. Finally, Mizuho lifted their price objective on Broadcom from $290.00 to $310.00 and gave the company a buy rating in a report on Thursday, December 7th. Five 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 an average rating of Buy and a consensus price target of $313.89.

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Shares of AVGO opened at $228.87 on Tuesday. Broadcom has a 12-month low of $208.44 and a 12-month high of $285.68. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.04 and a current ratio of 5.70. The stock has a market cap of $97,344.13, a P/E ratio of 16.00, a PEG ratio of 1.07 and a beta of 0.92.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.41 by $0.71. The firm had revenue of $5.33 billion for the quarter, compared to analyst estimates of $5.32 billion. Broadcom had a return on equity of 29.50% and a net margin of 41.37%. The company’s quarterly revenue was up 28.5% compared to the same quarter last year. During the same period in the previous year, the company posted $3.63 earnings per share. analysts anticipate that Broadcom will post 17.43 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Thursday, March 22nd were issued a dividend of $1.75 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, March 21st. This represents a $7.00 annualized dividend and a yield of 3.06%. Broadcom’s dividend payout ratio is currently 48.95%.

In other Broadcom news, SVP Charlie B. Kawwas sold 997 shares of the company’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $243.88, for a total transaction of $243,148.36. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $265.21, for a total value of $5,304,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 98,675 shares of company stock worth $25,376,429. Company insiders own 3.30% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. BKD Wealth Advisors LLC raised its position in shares of Broadcom by 8.7% during the 4th quarter. BKD Wealth Advisors LLC now owns 2,399 shares of the semiconductor manufacturer’s stock valued at $616,000 after acquiring an additional 193 shares during the last quarter. Cetera Advisor Networks LLC raised 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 valued at $373,000 after acquiring an additional 194 shares during the last quarter. Palladium Partners LLC raised its position in shares of Broadcom by 6.8% during the 3rd quarter. Palladium Partners LLC now owns 3,141 shares of the semiconductor manufacturer’s stock valued at $762,000 after acquiring an additional 200 shares during the last quarter. HM Payson & Co. raised its position in shares of Broadcom by 6.5% during the 4th quarter. HM Payson & Co. now owns 3,273 shares of the semiconductor manufacturer’s stock valued at $841,000 after acquiring an additional 200 shares during the last quarter. Finally, Kistler Tiffany Companies LLC raised its position in shares of Broadcom by 25.0% during the 4th quarter. Kistler Tiffany Companies LLC now owns 1,040 shares of the semiconductor manufacturer’s stock valued at $267,000 after acquiring an additional 208 shares during the last quarter. Institutional investors own 89.47% of the company’s stock.

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About Broadcom

Broadcom Limited designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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