BidaskClub Lowers Broadcom (AVGO) to Buy

BidaskClub downgraded shares of Broadcom (NASDAQ:AVGO) from a strong-buy rating to a buy rating in a report published on Tuesday.

Other research analysts have also issued research reports about the stock. Canaccord Genuity reiterated a buy rating and set a $335.00 price objective (up previously from $300.00) on shares of Broadcom in a research note on Friday, September 7th. B. Riley raised their price objective on shares of Broadcom from $245.00 to $250.00 and gave the company a neutral rating in a research note on Friday, September 7th. Sanford C. Bernstein set a $310.00 price objective on shares of Broadcom and gave the company a buy rating in a research note on Friday, September 7th. Barclays assumed coverage on shares of Broadcom in a research note on Tuesday, August 7th. They set an overweight rating and a $265.00 price objective on the stock. Finally, Craig Hallum reiterated a buy rating and set a $300.00 price objective (down previously from $330.00) on shares of Broadcom in a research note on Friday, September 7th. Nine investment analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $286.31.

NASDAQ AVGO opened at $227.24 on Tuesday. Broadcom has a 12 month low of $197.46 and a 12 month high of $275.70. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. The company has a market cap of $95.94 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.00 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 6th. The semiconductor manufacturer reported $5.85 EPS for the quarter, beating the Zacks’ consensus estimate of $5.58 by $0.27. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the business earned $4.59 earnings per share. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. Sell-side analysts predict that Broadcom will post 18.09 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Wednesday, December 19th will be paid a $2.65 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. This represents a $10.60 dividend on an annualized basis and a yield of 4.66%. Broadcom’s dividend payout ratio (DPR) is currently 48.95%.

In related news, insider Kirsten M. Spears sold 1,194 shares of the firm’s stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $238.62, for a total transaction of $4,772,400.00. The disclosure for this sale can be found here. Insiders sold a total of 61,194 shares of company stock valued at $14,266,145 in the last ninety days. Company insiders own 3.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Massey Quick Simon & CO. LLC acquired a new stake in shares of Broadcom during the 2nd quarter valued at $104,000. MUFG Americas Holdings Corp acquired a new stake in shares of Broadcom during the 2nd quarter valued at $109,000. Zions Bancorporation acquired a new stake in shares of Broadcom during the 2nd quarter valued at $109,000. First Personal Financial Services acquired a new stake in shares of Broadcom during the 2nd quarter valued at $126,000. Finally, Avestar Capital LLC acquired a new stake in shares of Broadcom during the 2nd quarter valued at $126,000. 85.22% of the stock is owned by hedge funds and other institutional investors.

About Broadcom

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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