ValuEngine Downgrades Broadcom (NASDAQ:AVGO) to Hold

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Broadcom (NASDAQ:AVGO) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Monday, ValuEngine reports.

A number of other analysts also recently issued reports on AVGO. BidaskClub raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, June 29th. Zacks Investment Research raised shares of Broadcom from a “sell” rating to a “hold” rating and set a $279.00 price target on the stock in a report on Tuesday, June 18th. Charter Equity downgraded shares of Broadcom from a “buy” rating to a “market perform” rating and set a $254.00 price target on the stock. in a report on Friday, June 14th. Deutsche Bank dropped their price target on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Finally, KeyCorp dropped their price target on shares of Broadcom from $350.00 to $310.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. Twelve equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. Broadcom has an average rating of “Buy” and a consensus target price of $297.62.

Shares of NASDAQ AVGO opened at $275.53 on Monday. The company’s 50-day moving average is $272.50. 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 $112.52 billion, a P/E ratio of 14.63, a PEG ratio of 1.38 and a beta of 0.94. Broadcom has a 52-week low of $197.46 and a 52-week high of $323.20.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.18 by $0.03. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm posted $4.88 EPS. As a group, equities research analysts forecast that Broadcom will post 17.3 EPS for the current fiscal year.

In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $264.00, for a total transaction of $5,280,000.00. The disclosure for this sale can be found here. Insiders sold a total of 65,388 shares of company stock worth $18,656,682 in the last quarter. Company insiders own 3.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in Broadcom by 3.8% during the 4th quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock worth $2,591,815,000 after acquiring an additional 374,911 shares during the period. Geode Capital Management LLC raised its stake in Broadcom by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,111,832 shares of the semiconductor manufacturer’s stock worth $1,297,609,000 after acquiring an additional 63,639 shares during the period. Northern Trust Corp raised its stake in Broadcom by 1.3% during the 1st quarter. Northern Trust Corp now owns 4,919,584 shares of the semiconductor manufacturer’s stock worth $1,479,369,000 after acquiring an additional 62,461 shares during the period. Norges Bank bought a new stake in Broadcom during the 4th quarter worth approximately $1,055,582,000. Finally, Jennison Associates LLC raised its stake in Broadcom by 10.9% during the 1st quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock worth $1,097,834,000 after acquiring an additional 359,736 shares during the period. Institutional investors own 83.91% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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