Shares of Broadcom Inc (NASDAQ:AVGO) have been assigned an average recommendation of “Buy” from the thirty-eight brokerages that are covering the stock, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $305.63.
AVGO has been the subject of a number of recent research reports. UBS Group reduced their price target on Broadcom from $325.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Rosenblatt Securities reissued a “buy” rating and issued a $350.00 price objective on shares of Broadcom in a report on Monday, June 10th. Summit Redstone raised Broadcom to a “buy” rating in a report on Friday, June 14th. Deutsche Bank cut their price objective on Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a report on Friday, June 14th. Finally, Mizuho cut their price objective on Broadcom from $335.00 to $330.00 and set a “buy” rating for the company in a report on Friday, June 14th.
NASDAQ:AVGO traded up $4.75 during trading hours on Friday, reaching $275.73. 2,940,530 shares of the stock were exchanged, compared to its average volume of 2,030,560. Broadcom has a twelve month low of $202.77 and a twelve month high of $323.20. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. The company’s 50 day simple moving average is $285.60. The stock has a market capitalization of $107.50 billion, a PE ratio of 14.64, a PEG ratio of 1.31 and a beta of 0.92.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm posted $4.88 EPS. The business’s revenue was up 10.0% on a year-over-year basis. Analysts forecast that Broadcom will post 17.43 EPS for the current year.
In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total transaction of $3,321,230.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $264.00, for a total value of $5,280,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,388 shares of company stock worth $18,198,482. 3.30% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of AVGO. Pinnacle Bank increased its position in shares of Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 50 shares during the period. Liberty Wealth Management LLC boosted its stake in Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 35 shares in the last quarter. Advisors Preferred LLC acquired a new stake in Broadcom in the second quarter valued at about $27,000. First Financial Corp IN acquired a new stake in Broadcom in the first quarter valued at about $30,000. Finally, Daiwa SB Investments Ltd. acquired a new stake in Broadcom in the first quarter valued at about $30,000. Hedge funds and other institutional investors own 84.03% of the company’s stock.
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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