Broadcom (AVGO) PT Raised to $345.00 at BMO Capital Markets

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Broadcom (NASDAQ:AVGO) had its target price raised by BMO Capital Markets from $330.00 to $345.00 in a report released on Monday, March 12th, MarketBeat Ratings reports. They currently have an outperform rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also recently issued reports on the company. Vetr cut Broadcom from a strong-buy rating to a buy rating and set a $295.36 price objective for the company. in a report on Wednesday, January 3rd. BidaskClub cut Broadcom from a hold rating to a sell rating in a report on Thursday, January 11th. Royal Bank of Canada boosted their price target on Broadcom from $300.00 to $315.00 and gave the stock a top pick rating in a report on Monday, November 20th. Zacks Investment Research raised Broadcom from a hold rating to a buy rating and set a $277.00 price target for the company in a report on Tuesday, March 6th. Finally, Canaccord Genuity boosted their price target on Broadcom from $100.00 to $325.00 and gave the stock a buy rating in a report on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the stock. Broadcom currently has an average rating of Buy and an average target price of $313.89.

Shares of AVGO stock opened at $228.87 on Monday. The firm has a market cap of $97,344.13, a P/E ratio of 16.00, a PEG ratio of 1.07 and a beta of 0.92. Broadcom has a 1 year low of $208.44 and a 1 year high of $285.68. The company has a quick ratio of 5.04, a current ratio of 5.70 and a debt-to-equity ratio of 0.60.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.41 by $0.71. The firm had revenue of $5.33 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Broadcom had a return on equity of 29.50% and a net margin of 41.37%. Broadcom’s revenue was up 28.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.63 earnings per share. research analysts predict that Broadcom will post 17.43 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Thursday, March 22nd were given a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Wednesday, March 21st. This is an increase from Broadcom’s previous quarterly dividend of $0.40. Broadcom’s payout ratio is 48.95%.

In other Broadcom news, CFO Thomas H. Krause sold 3,171 shares of the business’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $259.81, for a total transaction of $823,857.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kirsten M. Spears sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 27th. The shares were sold at an average price of $249.86, for a total value of $1,249,300.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 98,675 shares of company stock valued at $25,376,429. 3.30% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its position in shares of Broadcom by 2.1% in the fourth quarter. BlackRock Inc. now owns 24,924,233 shares of the semiconductor manufacturer’s stock worth $6,403,033,000 after buying an additional 508,470 shares during the period. Jennison Associates LLC boosted its position in shares of Broadcom by 8.1% in the fourth quarter. Jennison Associates LLC now owns 5,583,858 shares of the semiconductor manufacturer’s stock worth $1,434,493,000 after buying an additional 418,420 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Broadcom by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 5,309,909 shares of the semiconductor manufacturer’s stock worth $1,287,864,000 after buying an additional 36,356 shares during the period. Geode Capital Management LLC boosted its position in shares of Broadcom by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock worth $1,061,670,000 after buying an additional 135,437 shares during the period. Finally, Coatue Management LLC boosted its position in shares of Broadcom by 28.2% in the fourth quarter. Coatue Management LLC now owns 3,735,957 shares of the semiconductor manufacturer’s stock worth $959,768,000 after buying an additional 821,739 shares during the period. 89.47% of the stock is owned by hedge funds and other institutional investors.

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Broadcom Company Profile

Broadcom Limited 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.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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