Broadcom (NASDAQ:AVGO) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a research note released on Monday morning.

Other equities research analysts have also issued research reports about the stock. Mizuho raised their price objective on shares of Broadcom from $162.50 to $190.00 and gave the company a buy rating in a research report on Thursday, June 13th. The Goldman Sachs Group raised their price objective on shares of Broadcom from $155.00 to $185.00 and gave the company a buy rating in a research note on Thursday, June 13th. Truist Financial lifted their price target on shares of Broadcom from $156.60 to $204.50 and gave the stock a buy rating in a research report on Thursday, June 13th. Morgan Stanley reissued an overweight rating and set a $165.80 price target on shares of Broadcom in a research report on Monday, June 10th. Finally, Deutsche Bank Aktiengesellschaft reissued a buy rating and set a $150.00 price target on shares of Broadcom in a research report on Monday, April 8th. Two research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, Broadcom has a consensus rating of Moderate Buy and an average target price of $240.08.

Broadcom Stock Down 7.9 %

AVGO stock opened at $155.98 on Monday. The business’s 50-day simple moving average is $184.69 and its 200 day simple moving average is $146.32. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. The company has a market cap of $726.07 billion, a PE ratio of 6.71, a price-to-earnings-growth ratio of 2.98 and a beta of 1.17. Broadcom has a twelve month low of $79.51 and a twelve month high of $185.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The firm had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. The business’s revenue for the quarter was up 43.0% on a year-over-year basis. On average, research analysts anticipate that Broadcom will post 3.72 earnings per share for the current year.

Broadcom Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio is 9.03%.

Insider Activity at Broadcom

In other news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Broadcom in the fourth quarter valued at approximately $6,225,987,000. International Assets Investment Management LLC raised its holdings in Broadcom by 113,495.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after purchasing an additional 3,324,288 shares during the period. Swedbank AB purchased a new stake in Broadcom in the 1st quarter worth $2,835,737,000. Vanguard Group Inc. lifted its holdings in Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after buying an additional 1,263,957 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

About Broadcom

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.