Mizuho restated their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research report sent to investors on Friday, The Fly reports. They currently have a $340.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $330.00.
Several other brokerages have also recently weighed in on AVGO. Robert W. Baird dropped their target price on Broadcom from $300.00 to $280.00 and set an outperform rating for the company in a report on Monday, June 17th. JPMorgan Chase & Co. decreased their target price on Broadcom from $365.00 to $350.00 and set an overweight rating for the company in a research report on Friday, June 14th. DA Davidson decreased their target price on Broadcom to $300.00 and set a buy rating for the company in a research report on Friday, June 14th. Loop Capital set a $310.00 price target on Broadcom and gave the stock a buy rating in a research note on Monday, September 9th. Finally, KeyCorp increased their target price on Broadcom from $310.00 to $330.00 and gave the company an overweight rating in a research note on Friday, August 9th. Ten equities research analysts have rated the stock with a hold rating and thirty have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $311.71.
Broadcom stock opened at $288.66 on Friday. Broadcom has a 52 week low of $208.23 and a 52 week high of $323.20. The business has a 50-day simple moving average of $282.27 and a 200 day simple moving average of $287.04. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. The stock has a market cap of $119.65 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 1.47 and a beta of 0.88.
Broadcom (NASDAQ:AVGO) last posted its 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). Broadcom had a return on equity of 33.21% and a net margin of 13.44%. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the previous year, the firm earned $4.98 earnings per share. Broadcom’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, research analysts anticipate that Broadcom will post 17.23 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 23rd will be paid a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Friday, September 20th. Broadcom’s dividend payout ratio (DPR) is 56.29%.
In related news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $270.46, for a total value of $5,409,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Bryan Ingram sold 13,466 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 65,388 shares of company stock valued at $18,327,682 in the last three months. 3.30% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of AVGO. Nuveen Asset Management LLC raised its stake 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 worth $981,806,000 after buying an additional 3,275,431 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Broadcom by 1,808.4% during the second quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock worth $223,805,000 after purchasing an additional 736,741 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Broadcom by 1.8% during the second quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock worth $9,153,324,000 after purchasing an additional 559,961 shares in the last quarter. Thoroughbred Financial Services LLC increased its position in shares of Broadcom by 40,641.1% during the second quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock worth $51,497,000 after purchasing an additional 513,703 shares in the last quarter. Finally, Natixis increased its position in shares of Broadcom by 840.6% during the second quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock worth $126,871,000 after purchasing an additional 393,880 shares in the last quarter. 84.57% of the stock is owned by institutional investors.
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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