BidaskClub upgraded shares of Broadcom (NASDAQ:AVGO) from a buy rating to a strong-buy rating in a research report released on Saturday morning.
AVGO has been the subject of several other reports. DA Davidson lowered their price objective on shares of Broadcom to $300.00 and set a positive rating for the company in a research note on Thursday, May 10th. Zacks Investment Research downgraded shares of Broadcom from a hold rating to a sell rating in a research note on Wednesday, May 16th. Drexel Hamilton reissued a buy rating and issued a $313.00 price target (up from $302.00) on shares of Broadcom in a research note on Friday, March 16th. SunTrust Banks decreased their price target on shares of Broadcom to $328.00 and set a buy rating for the company in a research note on Tuesday, May 1st. Finally, Nomura reissued a neutral rating and issued a $300.00 price target on shares of Broadcom in a research note on Wednesday, May 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $311.27.
Shares of Broadcom opened at $270.23 on Friday, MarketBeat reports. The stock has a market cap of $111.00 billion, a PE ratio of 18.90, a PEG ratio of 1.22 and a beta of 0.93. The company has a quick ratio of 5.04, a current ratio of 5.70 and a debt-to-equity ratio of 0.60. Broadcom has a 12 month low of $221.98 and a 12 month high of $285.68.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, beating the consensus estimate of $4.05 by $0.83. The firm had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5 billion. Broadcom had a net margin of 56.32% and a return on equity of 30.85%. The company’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.69 earnings per share. equities analysts anticipate that Broadcom will post 17.48 earnings per share for the current year.
Broadcom announced that its board has approved a share buyback plan on Thursday, April 12th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 12.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Wednesday, June 20th will be issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Tuesday, June 19th. Broadcom’s payout ratio is 48.95%.
In other news, SVP Bryan Ingram sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 13th. The shares were sold at an average price of $261.84, for a total transaction of $5,236,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas H. Krause sold 4,629 shares of the stock in a transaction that occurred on Monday, March 19th. The shares were sold at an average price of $251.23, for a total transaction of $1,162,943.67. The disclosure for this sale can be found here. In the last quarter, insiders have sold 69,698 shares of company stock worth $17,640,348. Corporate insiders own 3.30% of the company’s stock.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Broadcom by 2.1% during the fourth quarter. BlackRock Inc. now owns 24,924,233 shares of the semiconductor manufacturer’s stock valued at $6,403,033,000 after buying an additional 508,470 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Broadcom by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock valued at $1,061,670,000 after buying an additional 135,437 shares during the last quarter. Coatue Management LLC grew its holdings in shares of Broadcom by 28.2% during the fourth quarter. Coatue Management LLC now owns 3,735,957 shares of the semiconductor manufacturer’s stock valued at $959,768,000 after buying an additional 821,739 shares during the last quarter. Viking Global Investors LP grew its holdings in shares of Broadcom by 14.4% during the fourth quarter. Viking Global Investors LP now owns 2,466,836 shares of the semiconductor manufacturer’s stock valued at $633,730,000 after buying an additional 310,906 shares during the last quarter. Finally, Lyrical Asset Management LP grew its holdings in shares of Broadcom by 1.1% during the fourth quarter. Lyrical Asset Management LP now owns 1,953,767 shares of the semiconductor manufacturer’s stock valued at $501,923,000 after buying an additional 20,912 shares during the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.
Broadcom Company Profile
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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