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 report issued on Saturday, June 29th, BidAskClub reports.

Several other research firms have also recently issued reports on AVGO. Argus reissued a buy rating and issued a $350.00 price target on shares of Broadcom in a research note on Monday, March 18th. MKM Partners upped their price objective on Broadcom to $310.00 and gave the company a buy rating in a report on Monday, March 18th. Wells Fargo & Co restated a hold rating on shares of Broadcom in a report on Friday, March 15th. Cowen upped their target price on Hudson’s Bay from C$10.00 to C$12.00 in a report on Friday, June 14th. Finally, Rosenblatt Securities reaffirmed a buy rating and set a $350.00 target price on shares of Broadcom in a report on Monday, June 10th. Eight research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $303.13.

AVGO traded up $0.22 during trading on Friday, reaching $290.00. 2,204,683 shares of the company were exchanged, compared to its average volume of 2,685,776. The firm has a market capitalization of $115.44 billion, a PE ratio of 15.40, a P/E/G ratio of 1.40 and a beta of 0.94. The business’s 50 day moving average price is $277.44. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. Broadcom has a 52 week low of $202.77 and a 52 week high of $323.20.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data 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 32.81% and a net margin of 15.92%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the business earned $4.88 EPS. The firm’s revenue was up 10.0% on a year-over-year basis. On average, analysts forecast that Broadcom will post 17.43 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Monday, June 24th were paid a dividend of $2.65 per share. The ex-dividend date of this dividend was Friday, June 21st. This represents a $10.60 annualized dividend and a yield of 3.66%. Broadcom’s payout ratio is 56.29%.

In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $264.00, for a total transaction of $5,280,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction that occurred on 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. In the last 90 days, insiders have sold 65,388 shares of company stock valued at $18,198,482. 3.30% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Lenox Wealth Management Inc. lifted its position in shares of Broadcom by 51.4% during the 2nd quarter. Lenox Wealth Management Inc. now owns 748 shares of the semiconductor manufacturer’s stock worth $217,000 after buying an additional 254 shares during the period. Destination Wealth Management lifted its position in shares of Broadcom by 39.7% during the 2nd quarter. Destination Wealth Management now owns 190 shares of the semiconductor manufacturer’s stock worth $55,000 after buying an additional 54 shares during the period. Cornerstone Investment Partners LLC lifted its position in shares of Broadcom by 21.5% during the 2nd quarter. Cornerstone Investment Partners LLC now owns 262,138 shares of the semiconductor manufacturer’s stock worth $75,459,000 after buying an additional 46,396 shares during the period. SeaCrest Wealth Management LLC increased its holdings in Broadcom by 296.0% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,748 shares of the semiconductor manufacturer’s stock valued at $791,000 after purchasing an additional 2,054 shares in the last quarter. Finally, Davy Asset Management Ltd acquired a new stake in Broadcom during the 2nd quarter valued at $654,000. Institutional investors own 83.93% 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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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