Broadcom (NASDAQ:AVGO) Lifted to “Sell” at ValuEngine

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ValuEngine upgraded shares of Broadcom (NASDAQ:AVGO) from a strong sell rating to a sell rating in a research report report published on Friday, September 7th.

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 lowered Broadcom from a buy rating to a neutral rating in a research report on Thursday, July 12th. BidaskClub lowered Broadcom from a strong-buy rating to a buy rating in a research report on Thursday, June 28th. B. Riley lowered Broadcom from a buy rating to a neutral rating and dropped their price target for the company from $308.00 to $245.00 in a research report on Thursday, July 12th. Finally, BMO Capital Markets lowered Broadcom from an outperform rating to a market perform rating and set a $230.00 price target on the stock. in a research report on Friday, July 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $288.56.

NASDAQ:AVGO traded up $0.92 during mid-day trading on Friday, reaching $236.34. The stock had a trading volume of 2,790,063 shares, compared to its average volume of 3,882,035. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42. The company has a market capitalization of $99.24 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 0.95 and a beta of 0.94. Broadcom has a one year low of $197.46 and a one year high of $285.68.

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. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $4.10 EPS. sell-side analysts anticipate that Broadcom will post 18.09 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Wednesday, September 19th will be paid a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Tuesday, September 18th. Broadcom’s payout ratio is 48.95%.

In other news, SVP Bryan Ingram sold 20,000 shares of the firm’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stake in shares of Broadcom in the second quarter worth approximately $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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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