Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by Mizuho in a report issued on Friday, The Fly reports. They currently have a $340.00 price objective on the semiconductor manufacturer’s stock, up from their previous price objective of $330.00. Mizuho’s price target would suggest a potential upside of 17.11% from the stock’s previous close.
Several other equities research analysts have also recently commented on AVGO. Deutsche Bank lowered their price target on Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Daiwa Capital Markets lowered Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada initiated coverage on Broadcom in a report on Tuesday, July 23rd. They set an “outperform” rating and a $320.00 price target for the company. Raymond James reiterated a “hold” rating on shares of Broadcom in a report on Friday, June 14th. Finally, BMO Capital Markets cut their price target on Broadcom from $270.00 to $260.00 and set a “market perform” rating for the company in a report on Friday, June 14th. Eleven research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $309.47.
Shares of NASDAQ AVGO traded down $10.26 during trading hours on Friday, hitting $290.32. The stock had a trading volume of 5,929,649 shares, compared to its average volume of 1,743,351. The company has a market capitalization of $118.63 billion, a P/E ratio of 15.42, a P/E/G ratio of 1.46 and a beta of 0.88. The firm’s 50-day moving average price is $282.92 and its two-hundred day moving average price is $286.84. Broadcom has a 52 week low of $208.23 and a 52 week 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.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.10 by ($0.11). The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.98 EPS. As a group, analysts expect that Broadcom will post 17.23 EPS for the current fiscal year.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $292.16, for a total value of $5,843,200.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Bryan Ingram sold 13,466 shares of the company’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $278.78, for a total value of $3,754,051.48. The disclosure for this sale can be found here. Insiders sold 85,388 shares of company stock worth $23,607,682 over the last quarter. Company insiders own 3.30% of the company’s stock.
A number of large investors have recently made changes to their positions in AVGO. Nuveen Asset Management LLC grew its position in Broadcom by 2,421.3% in the second quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock valued at $981,806,000 after acquiring an additional 3,275,431 shares during the period. Point72 Asset Management L.P. grew its position in Broadcom by 1,808.4% in the second quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock valued at $223,805,000 after acquiring an additional 736,741 shares during the period. Vanguard Group Inc. grew its position in Broadcom by 1.8% in the second quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after acquiring an additional 559,961 shares during the period. Thoroughbred Financial Services LLC grew its position in Broadcom by 40,641.1% in the second quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock valued at $51,497,000 after acquiring an additional 513,703 shares during the period. Finally, Natixis grew its position in Broadcom by 840.6% in the second quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock valued at $126,871,000 after acquiring an additional 393,880 shares during the period. 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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