Stock analysts at Loop Capital began coverage on shares of Broadcom (NASDAQ:AVGO) in a report issued on Thursday, June 21st, MarketBeat Ratings reports. The firm set a “buy” rating and a $306.00 price target on the semiconductor manufacturer’s stock. Loop Capital’s price target would indicate a potential upside of 26.11% from the company’s previous close.
Several other research firms also recently weighed in on AVGO. Morgan Stanley lifted their target price on Broadcom from $305.00 to $320.00 and gave the stock an “overweight” rating in a research report on Monday, April 30th. B. Riley decreased their price objective on Broadcom from $310.00 to $308.00 and set a “buy” rating for the company in a report on Friday, June 8th. Jefferies Financial Group reiterated a “buy” rating and issued a $332.00 target price on shares of Broadcom in a research report on Friday, March 16th. Canaccord Genuity reiterated a “buy” rating and issued a $340.00 target price (up previously from $325.00) on shares of Broadcom in a research report on Friday, March 16th. Finally, SunTrust Banks decreased their price target on Broadcom to $335.00 and set a “buy” rating for the company in a report on Tuesday, March 13th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $311.48.
Broadcom traded down $2.26, hitting $242.64, during midday trading on Thursday, according to MarketBeat.com. 4,275,792 shares of the company traded hands, compared to its average volume of 3,793,093. Broadcom has a 52 week low of $221.98 and a 52 week high of $285.68. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.04 and a current ratio of 5.70. The stock has a market capitalization of $106.67 billion, a P/E ratio of 16.97, a P/E/G ratio of 1.12 and a beta of 0.93.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.05 by $0.83. Broadcom had a net margin of 56.32% and a return on equity of 30.85%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5 billion. During the same quarter in the prior year, the business earned $3.69 EPS. The business’s quarterly revenue was up 19.4% on a year-over-year basis. research analysts forecast that Broadcom will post 17.48 EPS for the current fiscal year.
Broadcom announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 12th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 12.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, SVP Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $250.37, for a total transaction of $2,503,700.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lake Group L.L.C. Silver purchased 344,761 shares of the company’s stock in a transaction dated Friday, April 13th. The shares were bought at an average price of $247.94 per share, for a total transaction of $85,480,042.34. The disclosure for this purchase can be found here. Insiders have sold 100,604 shares of company stock worth $25,984,392 in the last 90 days. 3.30% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its holdings in Broadcom by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock worth $1,061,670,000 after buying an additional 135,437 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in Broadcom by 12.4% during the 4th quarter. Pinnacle Associates Ltd. now owns 12,602 shares of the semiconductor manufacturer’s stock valued at $3,238,000 after purchasing an additional 1,394 shares in the last quarter. Caxton Associates LP boosted its stake in Broadcom by 103.7% during the 4th quarter. Caxton Associates LP now owns 4,074 shares of the semiconductor manufacturer’s stock valued at $1,047,000 after purchasing an additional 2,074 shares in the last quarter. Scotia Capital Inc. boosted its stake in Broadcom by 1.5% during the 4th quarter. Scotia Capital Inc. now owns 57,714 shares of the semiconductor manufacturer’s stock valued at $14,829,000 after purchasing an additional 859 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Broadcom by 4.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 107,777 shares of the semiconductor manufacturer’s stock valued at $27,690,000 after purchasing an additional 4,428 shares in the last quarter. 82.70% of the stock is owned by institutional investors and hedge funds.
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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