Broadcom (NASDAQ:AVGO) Upgraded by BidaskClub to “Buy”

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

Other research analysts have also issued reports about the stock. DA Davidson decreased their price objective on shares of Broadcom to $300.00 and set a buy rating for the company in a report on Friday, June 14th. KeyCorp upped their price objective on shares of Broadcom from $310.00 to $330.00 and gave the stock an overweight rating in a report on Friday, August 9th. Loop Capital set a $310.00 price objective on shares of Broadcom and gave the stock a buy rating in a report on Monday. Summit Redstone upgraded shares of Broadcom to a buy rating in a research note on Friday, June 14th. Finally, Cowen reiterated a market perform rating and issued a $265.00 price target (down from $280.00) on shares of Broadcom in a research note on Friday, June 14th. Eleven equities research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $308.53.

NASDAQ AVGO traded down $10.26 during trading on Thursday, hitting $290.32. The company had a trading volume of 3,625,523 shares, compared to its average volume of 2,761,559. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. Broadcom has a one year low of $208.23 and a one year high of $323.20. The company has a market cap of $117.21 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.88. The company’s fifty day moving average is $283.11 and its 200-day moving average is $286.75.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter last year, the company posted $4.98 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom will post 17.23 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be paid a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a yield of 3.65%. Broadcom’s payout ratio is 56.29%.

In other Broadcom news, SVP Bryan Ingram sold 13,466 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $278.78, for a total transaction of $3,754,051.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $270.46, for a total transaction of $5,409,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,388 shares of company stock worth $23,607,682. 3.30% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. CRA Financial Services LLC raised its position in shares of Broadcom by 2.0% during the second quarter. CRA Financial Services LLC now owns 1,696 shares of the semiconductor manufacturer’s stock valued at $488,000 after buying an additional 33 shares during the last quarter. Liberty Wealth Management LLC increased its position in Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 35 shares during the last quarter. Tarbox Family Office Inc. increased its position in Broadcom by 20.2% in the second quarter. Tarbox Family Office Inc. now owns 214 shares of the semiconductor manufacturer’s stock worth $62,000 after purchasing an additional 36 shares during the last quarter. Enterprise Financial Services Corp increased its position in Broadcom by 14.7% in the second quarter. Enterprise Financial Services Corp now owns 289 shares of the semiconductor manufacturer’s stock worth $83,000 after purchasing an additional 37 shares during the last quarter. Finally, Cresset Asset Management LLC increased its position in Broadcom by 2.0% in the second quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock worth $558,000 after purchasing an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 84.63% of the company’s stock.

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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