Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by stock analysts at Mizuho in a report issued on Friday, September 7th. They currently have a $280.00 price objective on the semiconductor manufacturer’s stock. Mizuho’s price target would suggest a potential upside of 18.47% from the stock’s previous close.
The analysts wrote, “We believe investors should be taking a second look at AVGO. AVGO has underperformed the SOX but provides an attractive opportunity with a dominant market share, and a significant earnings and FCF machine AVGO reported an upside JulQ with 67.3% non-GAAP and guided to a stronger OctQ. With ~$6B in buybacks remaining, $8B+ of FCF, and a ~3%+ dividend yield, we believe AVGO is well positioned as it trades at <11x our conservative F19E EPS. Adjusting our estimates, reiterating our Buy and $280 PT."”
Other equities analysts have also recently issued reports about the company. DA Davidson reduced their target price on Broadcom to $300.00 and set a “positive” rating on the stock in a research note on Thursday, May 10th. Longbow Research downgraded Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. BidaskClub downgraded Broadcom from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 28th. B. Riley downgraded Broadcom from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $308.00 to $245.00 in a report on Thursday, July 12th. Finally, BMO Capital Markets downgraded Broadcom from an “outperform” rating to a “market perform” rating and set a $230.00 target price on the stock. in a report on Friday, July 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $288.56.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the previous year, the firm earned $4.10 EPS. The business’s quarterly revenue was up 13.4% on a year-over-year basis. sell-side analysts expect that Broadcom will post 18.09 earnings per share for the current fiscal year.
In other news, SVP Bryan Ingram sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 11th. The stock was sold at an average price of $245.62, for a total value of $4,912,400.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 80,000 shares of company stock valued at $18,078,200 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of AVGO. Massey Quick Simon & CO. LLC purchased a new stake in shares of Broadcom in the second quarter worth approximately $104,000. Zions Bancorporation purchased a new position in Broadcom during the 2nd quarter worth $109,000. MUFG Americas Holdings Corp purchased a new position in Broadcom during the 2nd quarter worth $109,000. MUFG Securities EMEA plc purchased a new position in Broadcom during the 2nd quarter worth $117,000. Finally, First Personal Financial Services purchased a new position in Broadcom during the 2nd quarter worth $126,000. Hedge funds and other institutional investors own 84.35% 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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