Broadcom (AVGO) Upgraded by ValuEngine to “Buy”

ValuEngine upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, ValuEngine reports.

Other equities analysts have also issued reports about the stock. KeyCorp restated an overweight rating and issued a $335.00 price objective (up from $310.00) on shares of Broadcom in a research report on Tuesday, April 2nd. Cowen lowered shares of Broadcom from an outperform rating to a market perform rating and set a $280.00 price objective for the company. in a research report on Friday, February 22nd. Citigroup started coverage on shares of Broadcom in a research report on Friday, March 15th. They set a buy rating for the company. Barclays lifted their target price on shares of Broadcom from $265.00 to $275.00 and gave the company an overweight rating in a research report on Friday, March 15th. Finally, SunTrust Banks lifted their target price on shares of Broadcom to $339.00 and gave the company a buy rating in a research report on Friday, March 15th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirty-two have given a buy rating to the company. Broadcom currently has a consensus rating of Buy and an average target price of $302.60.

AVGO stock opened at $318.62 on Thursday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. Broadcom has a 12 month low of $197.46 and a 12 month high of $322.45. The company has a market capitalization of $126.12 billion, a PE ratio of 16.92, a PEG ratio of 1.49 and a beta of 0.68.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, beating analysts’ consensus estimates of $4.32 by $1.23. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The company had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.83 billion. During the same period last year, the business earned $5.12 earnings per share. Broadcom’s revenue was up 8.6% compared to the same quarter last year. Equities research analysts predict that Broadcom will post 17.65 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $2.65 dividend. This represents a $10.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is 56.29%.

In related news, SVP Charlie B. Kawwas sold 9,330 shares of Broadcom stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total value of $2,761,026.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Friday, March 15th. The stock was sold at an average price of $291.27, for a total transaction of $5,825,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,824 shares of company stock worth $26,390,919. 3.30% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ruggie Capital Group purchased a new position in Broadcom during the 4th quarter valued at $25,000. AlphaOne Investment Services LLC purchased a new position in Broadcom during the 4th quarter valued at $25,000. Accurate Investment Solutions Inc. purchased a new position in Broadcom during the 4th quarter valued at $25,000. First Financial Corp IN purchased a new position in Broadcom during the 1st quarter valued at $30,000. Finally, Daiwa SB Investments Ltd. purchased a new position in Broadcom during the 1st quarter valued at $30,000. 86.95% of the stock is currently owned by institutional investors.

About Broadcom

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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