Broadcom (NASDAQ:AVGO) Stock Rated “Buy” in New Coverage at Tigress Financial

Tigress Financial assumed coverage on shares of Broadcom (NASDAQ:AVGO) in a research note published on Thursday, Marketbeat.com reports. The brokerage issued a buy rating and a $600.00 price target on the semiconductor manufacturer’s stock.

AVGO has been the topic of a number of other reports. Cantor Fitzgerald lifted their target price on shares of Broadcom from $525.00 to $600.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. Morgan Stanley reissued an “overweight” rating and issued a $505.00 price target (up from $502.00) on shares of Broadcom in a research note on Thursday, September 3rd. KeyCorp restated an “overweight” rating and set a $575.00 price target on shares of Broadcom in a report on Thursday, September 3rd. Arete Research lifted their price target on shares of Broadcom from $488.00 to $530.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $529.17.

Broadcom Stock Down 0.5%

Shares of AVGO opened at $321.68 on Thursday. Broadcom has a 52-week low of $289.96 and a 52-week high of $495.00. The company has a market capitalization of $1.54 trillion, a PE ratio of 41.08 and a beta of 1.46. The stock has a fifty day simple moving average of $356.05 and a two-hundred day simple moving average of $384.25. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. The business had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The company’s quarterly revenue was up 85.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.69 EPS. As a group, equities analysts forecast that Broadcom will post 10.37 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom’s dividend payout ratio is 33.21%.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in shares of Broadcom by 8.7% during the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Broadcom by 4.6% in the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock valued at $23,202,543,000 after purchasing an additional 2,685,916 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Broadcom by 3.8% in the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock valued at $19,484,611,000 after purchasing an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Broadcom by 2.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer’s stock worth $15,178,195,000 after buying an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc purchased a new stake in Broadcom during the 2nd quarter worth approximately $11,998,148,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: ETF investors bought approximately $89.8 million of Broadcom shares on October 21, signaling continued institutional demand. Broadcom Sees $89.8 Million in Net ETF Buying
• Positive Sentiment: Analysts continue to highlight Broadcom’s leadership in custom AI accelerators. Demand from major AI labs and hyperscalers, including Anthropic, OpenAI and Meta, supports management’s ambitious long-term AI semiconductor growth outlook. 3 Magnificent AI Chip Stocks
• Positive Sentiment: Tigress Financial initiated coverage with a Buy rating and a $600 price target, implying substantial upside from recent trading levels. Tigress Financial Broadcom Coverage
• Positive Sentiment: Broadcom launched Arcot Scam Defense, a real-time fraud-detection feature for digital payments. Strong initial pilot results could create incremental growth for its software and security businesses. Broadcom Debuts Arcot Scam Defense
• Neutral Sentiment: Broadcom remains the leading custom-chip design partner, but Alphabet is diversifying its TPU suppliers. Although Broadcom may lose market share, the overall AI accelerator market is expected to expand rapidly, potentially offsetting that loss. Broadcom AI Chip Business Risks
• Negative Sentiment: Investors are worried that customer-owned chip design and increased competition from MediaTek could reduce Broadcom’s role and margins in future AI programs. Alphabet’s supplier diversification is the clearest near-term risk. Broadcom AI Chip Business Risks
• Negative Sentiment: The broader market sell-off is weighing on AI stocks amid higher oil prices, inflation concerns and questions about whether massive data-center investments will generate sufficient returns. Technical commentary identifies the $320 area as an important support test. Broadcom Faces Critical $320 Test

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.