BidaskClub Upgrades Broadcom (NASDAQ:AVGO) to Buy

BidaskClub upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a report issued on Tuesday morning, BidAskClub reports.

AVGO has been the subject of several other research reports. Oppenheimer set a $315.00 target price on shares of Broadcom and gave the company a buy rating in a research note on Friday, September 13th. Cascend Securities boosted their target price on shares of Broadcom from $300.00 to $330.00 and gave the company a buy rating in a research note on Tuesday, September 10th. Deutsche Bank cut their target price on shares of Broadcom from $330.00 to $315.00 and set a buy rating for the company in a research note on Friday, June 14th. Loop Capital downgraded shares of Broadcom from a buy rating to a hold rating in a research note on Friday, September 13th. Finally, Zacks Investment Research raised shares of Broadcom from a sell rating to a hold rating and set a $279.00 target price for the company in a research note on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-nine have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $312.06.

NASDAQ:AVGO opened at $280.91 on Tuesday. The company has a market capitalization of $108.35 billion, a PE ratio of 14.92, a price-to-earnings-growth ratio of 1.36 and a beta of 0.89. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58. Broadcom has a 52-week low of $208.23 and a 52-week high of $323.20. The stock has a fifty day simple moving average of $281.89 and a 200-day simple moving average of $287.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same period last year, the firm earned $4.98 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom will post 16.97 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were paid a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date was Friday, September 20th. Broadcom’s dividend payout ratio is currently 56.29%.

In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $292.16, for a total transaction of $5,843,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 60,000 shares of company stock valued at $17,026,600. Corporate insiders own 3.30% of the company’s stock.

Large investors have recently modified their holdings of the company. Janus Henderson Group PLC grew its holdings in shares of Broadcom by 17.8% during the 2nd quarter. Janus Henderson Group PLC now owns 978,371 shares of the semiconductor manufacturer’s stock worth $281,577,000 after purchasing an additional 147,769 shares during the period. Endurance Wealth Management Inc. grew its holdings in shares of Broadcom by 8.4% during the 2nd quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock worth $2,181,000 after purchasing an additional 585 shares during the period. Parsons Capital Management Inc. RI grew its holdings in shares of Broadcom by 13.2% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock worth $474,000 after purchasing an additional 192 shares during the period. 9258 Wealth Management LLC grew its holdings in shares of Broadcom by 5.8% during the 2nd quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock worth $449,000 after purchasing an additional 85 shares during the period. Finally, Cookson Peirce & Co. Inc. grew its holdings in shares of Broadcom by 63.0% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock worth $17,511,000 after purchasing an additional 23,514 shares during the period. Institutional investors and hedge funds own 84.86% 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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