Loop Capital began coverage on shares of Broadcom (NASDAQ:AVGO) in a research report sent to investors on Thursday. The brokerage issued a buy rating on the semiconductor manufacturer’s stock.
Several other research firms have also recently issued reports on AVGO. BidaskClub raised Broadcom from a buy rating to a strong-buy rating in a research report on Saturday, June 16th. Benchmark assumed coverage on Broadcom in a research report on Friday, June 15th. They set a buy rating and a $300.00 price objective for the company. Drexel Hamilton reaffirmed a buy rating and set a $313.00 price objective (up from $302.00) on shares of Broadcom in a research report on Friday, March 16th. Jefferies Financial Group reaffirmed a buy rating and set a $332.00 price objective on shares of Broadcom in a research report on Friday, March 16th. Finally, Canaccord Genuity reaffirmed a buy rating and set a $340.00 price objective (up from $325.00) on shares of Broadcom in a research report on Friday, March 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Broadcom presently has a consensus rating of Buy and a consensus target price of $312.16.
Broadcom opened at $260.82 on Thursday, according to MarketBeat. Broadcom has a 12 month low of $221.98 and a 12 month high of $285.68. The firm has a market cap of $112.76 billion, a P/E ratio of 18.24, a P/E/G ratio of 1.18 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 (NASDAQ:AVGO) last released its earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.05 by $0.83. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5 billion. Broadcom had a return on equity of 30.85% and a net margin of 56.32%. Broadcom’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.69 EPS. research analysts forecast that Broadcom will post 17.48 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Wednesday, June 20th will be paid a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Tuesday, June 19th. Broadcom’s dividend payout ratio is presently 48.95%.
Broadcom announced that its board has approved a stock buyback plan on Thursday, April 12th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 12.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, April 16th. The stock was sold at an average price of $248.03, for a total transaction of $4,960,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lake Group L.L.C. Silver bought 344,761 shares of the company’s stock in a transaction on Friday, April 13th. The shares were acquired at an average price of $247.94 per share, for a total transaction of $85,480,042.34. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 85,604 shares of company stock valued at $22,207,492. 3.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. We Are One Seven LLC acquired a new position in Broadcom during the 4th quarter worth approximately $142,000. Premia Global Advisors LLC acquired a new position in Broadcom during the 4th quarter worth approximately $198,000. Circle Wealth Management LLC acquired a new position in Broadcom during the 4th quarter worth approximately $205,000. Cornerstone Wealth Management LLC acquired a new position in Broadcom during the 4th quarter worth approximately $210,000. Finally, Altman Advisors Inc. acquired a new position in Broadcom during the 4th quarter worth approximately $213,000. Institutional investors own 86.85% of the company’s stock.
Broadcom Company Profile
Broadcom Inc 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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