Broadcom (AVGO) Upgraded by Cascend Securities to “Buy”

Cascend Securities upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a research report report published on Friday, Marketbeat Ratings reports.

AVGO has been the topic of a number of other research reports. BidaskClub cut shares of Broadcom from a strong-buy rating to a buy rating in a research note on Tuesday. MED assumed coverage on shares of Broadcom in a research note on Thursday, November 8th. They issued a buy rating and a $310.00 target price on the stock. BMO Capital Markets boosted their price target on shares of Broadcom from $230.00 to $250.00 and gave the company a market perform rating in a research report on Friday. Craig Hallum restated a buy rating and issued a $300.00 price target (down from $330.00) on shares of Broadcom in a research report on Friday, September 7th. Finally, MKM Partners reduced their price target on shares of Broadcom to $255.00 in a research report on Friday, September 7th. Nine equities research analysts have rated the stock with a hold rating and thirty-four have given a buy rating to the company. Broadcom currently has an average rating of Buy and an average price target of $288.33.

NASDAQ AVGO traded up $1.32 on Friday, reaching $228.56. The company’s stock had a trading volume of 7,836,613 shares, compared to its average volume of 2,909,609. The stock has a market cap of $93.95 billion, a P/E ratio of 12.14, a PEG ratio of 0.98 and a beta of 1.03. Broadcom has a 52 week low of $197.46 and a 52 week high of $274.26. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $5.58 by $0.27. The business had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.40 billion. Broadcom had a net margin of 58.80% and a return on equity of 28.32%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.59 earnings per share. Research analysts anticipate that Broadcom will post 18.45 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th will be given a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a dividend yield of 4.64%. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. The ex-dividend date is Tuesday, December 18th. Broadcom’s dividend payout ratio is presently 37.17%.

In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $228.94, for a total transaction of $4,578,800.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Insiders have sold 61,194 shares of company stock worth $14,266,145 over the last quarter. 3.30% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AVGO. Massey Quick Simon & CO. LLC acquired a new position in Broadcom in the second quarter valued at approximately $104,000. MUFG Americas Holdings Corp acquired a new position in Broadcom in the second quarter valued at approximately $109,000. Zions Bancorporation acquired a new position in Broadcom in the second quarter valued at approximately $109,000. Avestar Capital LLC acquired a new position in Broadcom in the second quarter valued at approximately $126,000. Finally, First Personal Financial Services acquired a new position in Broadcom in the second quarter valued at approximately $126,000. Institutional investors and hedge funds own 85.22% of the company’s stock.

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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