BidaskClub upgraded shares of Broadcom (NASDAQ:AVGO) from a strong sell rating to a sell rating in a research note released on Tuesday, BidAskClub reports.
A number of other brokerages have also recently commented on AVGO. ValuEngine raised Broadcom from a hold rating to a buy rating in a research report on Thursday, April 18th. KeyCorp boosted their price objective on Broadcom from $335.00 to $350.00 and gave the company an overweight rating in a report on Friday, April 26th. Mizuho boosted their price objective on Broadcom from $305.00 to $335.00 and gave the company a buy rating in a report on Friday, April 12th. Zacks Investment Research cut Broadcom from a hold rating to a sell rating in a report on Tuesday, March 19th. Finally, Citigroup started coverage on Broadcom in a report on Friday, March 15th. They issued a buy rating for the company. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-nine have issued a buy rating to the company. The company has an average rating of Buy and an average price target of $305.39.
Shares of AVGO opened at $281.61 on Tuesday. Broadcom has a one year low of $197.46 and a one year high of $323.20. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 1.47. The stock has a market cap of $110.73 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.26 and a beta of 0.87.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping the Zacks’ consensus estimate of $5.18 by $0.03. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the firm posted $4.88 EPS. The firm’s revenue was up 10.0% compared to the same quarter last year. As a group, equities research analysts expect that Broadcom will post 17.55 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Monday, June 24th will be paid a $2.65 dividend. This represents a $10.60 annualized dividend and a dividend yield of 3.76%. Broadcom’s dividend payout ratio is presently 56.29%.
In related news, SVP Charlie B. Kawwas sold 9,330 shares of Broadcom stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total value of $2,761,026.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kirsten M. Spears sold 4,000 shares of Broadcom stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $306.31, for a total value of $1,225,240.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,824 shares of company stock valued at $20,565,519. 3.30% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund increased its stake in Broadcom by 26,295.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock worth $47,000 after buying an additional 11,904,869 shares in the last quarter. Norges Bank purchased a new stake in Broadcom during the 4th quarter worth approximately $1,055,582,000. Macquarie Group Ltd. increased its stake in Broadcom by 2,301.1% during the 1st quarter. Macquarie Group Ltd. now owns 2,695,558 shares of the semiconductor manufacturer’s stock worth $810,582,000 after buying an additional 2,583,296 shares in the last quarter. Vanguard Group Inc increased its stake in Broadcom by 6.6% during the 3rd quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock worth $8,298,223,000 after buying an additional 2,094,847 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in Broadcom by 141.3% during the 1st quarter. Voya Investment Management LLC now owns 1,147,023 shares of the semiconductor manufacturer’s stock worth $344,921,000 after buying an additional 671,720 shares in the last quarter. Hedge funds and other institutional investors own 84.42% 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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