Broadcom (NASDAQ:AVGO) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a research note published on Thursday morning, BidAskClub reports.

A number of other equities analysts have also issued reports on the company. BMO Capital Markets reduced their target price on Broadcom from $270.00 to $260.00 and set a market perform rating for the company in a research note on Friday, June 14th. Cowen restated a market perform rating and issued a $265.00 target price (down previously from $280.00) on shares of Broadcom in a research note on Friday, June 14th. Jefferies Financial Group reduced their target price on Broadcom from $370.00 to $324.00 and set a buy rating for the company in a research note on Friday, June 14th. Robert W. Baird reduced their target price on Broadcom from $300.00 to $280.00 and set an outperform rating for the company in a research note on Monday, June 17th. Finally, SunTrust Banks reduced their target price on Broadcom to $307.00 and set a buy rating for the company in a research note on Friday, June 14th. Ten equities research analysts have rated the stock with a hold rating and thirty have assigned a buy rating to the company. Broadcom presently has an average rating of Buy and an average target price of $311.71.

Shares of AVGO stock opened at $290.32 on Thursday. The firm has a market capitalization of $119.65 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.47 and a beta of 0.88. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13. The business has a fifty day moving average of $282.92 and a 200 day moving average of $286.84. Broadcom has a 1 year low of $208.23 and a 1 year high of $323.20.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a return on equity of 33.21% and a net margin of 13.44%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the business earned $4.98 EPS. As a group, equities research analysts expect that Broadcom will post 17.23 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd 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 3.65%. The ex-dividend date is Friday, September 20th. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.

In other news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $270.46, for a total transaction of $5,409,200.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Bryan Ingram sold 11,922 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock worth $18,327,682 over the last 90 days. Insiders own 3.30% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Endurance Wealth Management Inc. boosted its holdings in Broadcom by 8.4% in the 2nd quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock worth $2,181,000 after buying an additional 585 shares during the last quarter. Parsons Capital Management Inc. RI boosted its holdings in Broadcom by 13.2% in the 2nd quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock worth $474,000 after buying an additional 192 shares during the last quarter. 9258 Wealth Management LLC boosted its holdings in Broadcom by 5.8% in the 2nd quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock worth $449,000 after buying an additional 85 shares during the last quarter. Cookson Peirce & Co. Inc. boosted its holdings in Broadcom by 63.0% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock worth $17,511,000 after buying an additional 23,514 shares during the last quarter. Finally, Advisors Capital Management LLC boosted its holdings in Broadcom by 47.9% in the 2nd quarter. Advisors Capital Management LLC now owns 186,166 shares of the semiconductor manufacturer’s stock worth $53,590,000 after buying an additional 60,275 shares during the last quarter. Hedge funds and other institutional investors own 84.63% 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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