Broadcom (NASDAQ:AVGO) Cut to “Hold” at ValuEngine

ValuEngine downgraded shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a report published on Thursday, ValuEngine reports.

Several other equities research analysts have also commented on the stock. BMO Capital Markets dropped their price target on shares of Broadcom from $270.00 to $260.00 and set a market perform rating on the stock in a research note on Friday, June 14th. SunTrust Banks lowered their price objective on shares of Broadcom to $307.00 and set a buy rating on the stock in a research note on Friday, June 14th. Rosenblatt Securities reiterated a buy rating and set a $350.00 price objective on shares of Broadcom in a research note on Monday, June 10th. UBS Group lowered their price objective on shares of Broadcom from $325.00 to $310.00 and set a buy rating on the stock in a research note on Friday, June 14th. Finally, Mizuho lowered their price objective on shares of Broadcom from $335.00 to $330.00 and set a buy rating on the stock in a research note on Friday, June 14th. Nine investment analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $303.68.

Shares of NASDAQ:AVGO traded down $6.81 during trading hours on Thursday, hitting $278.53. The stock had a trading volume of 1,986,987 shares, compared to its average volume of 2,144,736. The firm has a fifty day moving average price of $285.31. Broadcom has a 1-year low of $202.77 and a 1-year high of $323.20. The firm has a market capitalization of $113.59 billion, a price-to-earnings ratio of 14.79, a price-to-earnings-growth ratio of 1.38 and a beta of 0.92. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, beating the consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the business earned $4.88 earnings per share. Broadcom’s revenue was up 10.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom will post 17.43 EPS for the current fiscal year.

In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $292.16, for a total value of $5,843,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bryan Ingram sold 13,466 shares of the firm’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. In the last 90 days, insiders sold 65,388 shares of company stock worth $18,198,482. 3.30% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the stock. Northern Trust Corp boosted its stake in Broadcom by 1.3% in the 1st quarter. Northern Trust Corp now owns 4,919,584 shares of the semiconductor manufacturer’s stock worth $1,479,369,000 after purchasing an additional 62,461 shares during the period. Jennison Associates LLC boosted its stake in Broadcom by 10.9% in the 1st quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock worth $1,097,834,000 after purchasing an additional 359,736 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Broadcom by 1.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,683,418 shares of the semiconductor manufacturer’s stock worth $506,221,000 after purchasing an additional 22,458 shares during the period. Amundi Pioneer Asset Management Inc. boosted its stake in Broadcom by 12.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,666,266 shares of the semiconductor manufacturer’s stock worth $501,062,000 after purchasing an additional 181,372 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Broadcom by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,644,308 shares of the semiconductor manufacturer’s stock worth $418,142,000 after purchasing an additional 96,233 shares during the period. 83.95% of the stock is owned by hedge funds and other 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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