Broadcom (NASDAQ:AVGO) had its price target upped by Wells Fargo & Co from $290.00 to $300.00 in a research note published on Friday, BenzingaRatingsTable reports. They currently have a market perform rating on the semiconductor manufacturer’s stock.
Several other research firms also recently issued reports on AVGO. Daiwa Capital Markets downgraded shares of Broadcom from a buy rating to a neutral rating in a research note on Thursday, August 15th. BMO Capital Markets decreased their price objective on shares of Broadcom from $270.00 to $260.00 and set a market perform rating for the company in a research note on Friday, June 14th. Mizuho reiterated a buy rating and set a $340.00 price objective (up from $330.00) on shares of Broadcom in a research note on Friday. Cascend Securities boosted their price objective on shares of Broadcom from $300.00 to $330.00 and gave the stock a buy rating in a research note on Tuesday, September 10th. Finally, Zacks Investment Research upgraded shares of Broadcom from a sell rating to a hold rating and set a $279.00 price objective for the company in a research note on Tuesday, June 18th. Ten equities research analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $311.71.
AVGO opened at $288.66 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. Broadcom has a 52-week low of $208.23 and a 52-week high of $323.20. The company has a 50 day moving average of $282.27 and a two-hundred day moving average of $287.04. The company has a market cap of $119.65 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.47 and a beta of 0.88.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the 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 prior year, the firm earned $4.98 earnings per share. Broadcom’s quarterly revenue was up 8.9% compared to the same quarter last year. Research analysts anticipate that Broadcom will post 17.23 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be paid a dividend of $2.65 per share. The ex-dividend date is Friday, September 20th. This represents a $10.60 dividend on an annualized basis and a yield of 3.67%. Broadcom’s dividend payout ratio (DPR) is 56.29%.
In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction 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 filing with the SEC, which can be accessed through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $292.16, for a total transaction of $5,843,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock worth $18,327,682 over the last quarter. 3.30% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Pinnacle Bank boosted its stake in Broadcom by 128.2% during the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 50 shares during the last quarter. Liberty Wealth Management LLC raised its holdings in shares of Broadcom by 62.5% during the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 35 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Broadcom during the second quarter worth $27,000. Doyle Wealth Management acquired a new stake in shares of Broadcom during the second quarter worth $42,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Broadcom during the second quarter worth $51,000. Hedge funds and other institutional investors own 84.57% of the company’s stock.
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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