Broadcom (NASDAQ:AVGO) Downgraded by Loop Capital

Broadcom (NASDAQ:AVGO) was downgraded by Loop Capital from a “buy” rating to a “hold” rating in a report issued on Friday, The Fly reports.

Other equities research analysts have also recently issued research reports about the company. Susquehanna Bancshares set a $315.00 price target on Broadcom and gave the company a “buy” rating in a report on Tuesday. Summit Insights raised Broadcom from a “hold” rating to a “buy” rating and set a $253.03 price target for the company in a report on Friday, June 14th. Robert W. Baird cut their price target on Broadcom from $300.00 to $280.00 and set an “outperform” rating for the company in a report on Monday, June 17th. SunTrust Banks cut their price target on Broadcom to $307.00 and set a “buy” rating for the company in a report on Friday, June 14th. Finally, Morgan Stanley cut their target price on Broadcom from $266.00 to $262.00 and set an “equal weight” rating for the company in a research note on Monday, June 10th. Eleven analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Broadcom has a consensus rating of “Buy” and a consensus target price of $305.32.

NASDAQ:AVGO opened at $300.58 on Friday. Broadcom has a one year low of $208.23 and a one year high of $323.20. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. The stock has a market cap of $117.21 billion, a PE ratio of 15.96, a P/E/G ratio of 1.44 and a beta of 0.88. The stock has a 50 day moving average price of $283.11 and a 200 day moving average price of $286.75.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $5.16 EPS for the quarter, beating the consensus estimate of $4.10 by $1.06. 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 analysts’ expectations of $5.52 billion. During the same quarter last year, the firm earned $4.98 earnings per share. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, analysts predict that Broadcom will post 17.23 earnings per share for the current fiscal year.

In other news, SVP Bryan Ingram sold 13,466 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total transaction of $3,754,051.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total value of $5,409,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 85,388 shares of company stock valued at $23,607,682. Company insiders own 3.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in AVGO. Endurance Wealth Management Inc. increased its position in Broadcom by 8.4% in the 2nd quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock valued at $2,181,000 after acquiring an additional 585 shares during the period. Parsons Capital Management Inc. RI lifted its stake in Broadcom by 13.2% in the second quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock valued at $474,000 after acquiring an additional 192 shares during the last quarter. 9258 Wealth Management LLC lifted its stake in Broadcom by 5.8% in the second quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock valued at $449,000 after acquiring an additional 85 shares during the last quarter. Cookson Peirce & Co. Inc. lifted its stake in Broadcom by 63.0% in the second quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock valued at $17,511,000 after acquiring an additional 23,514 shares during the last quarter. Finally, Advisors Capital Management LLC lifted its stake in Broadcom by 47.9% in the second quarter. Advisors Capital Management LLC now owns 186,166 shares of the semiconductor manufacturer’s stock valued at $53,590,000 after acquiring an additional 60,275 shares during the last quarter. Hedge funds and other institutional investors own 84.63% of the company’s stock.

Broadcom Company Profile

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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