Recent Investment Analysts’ Ratings Changes for Broadcom (AVGO)

Several brokerages have updated their recommendations and price targets on shares of Broadcom (NASDAQ: AVGO) in the last few weeks:

• 7/16/2024 – Broadcom had its price target raised by analysts at Cantor Fitzgerald from $1,875.00 to $2,000.00. They now have an “overweight” rating on the stock.
• 7/16/2024 – Broadcom had its price target lowered by analysts at Oppenheimer Holdings Inc. from $2,000.00 to $200.00. They now have an “outperform” rating on the stock.
• 7/16/2024 – Broadcom had its price target raised by analysts at TD Cowen from $175.00 to $210.00. They now have a “buy” rating on the stock.
• 7/15/2024 – Broadcom was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 7/11/2024 – Broadcom had its price target raised by analysts at Rosenblatt Securities from $165.00 to $240.00. They now have a “buy” rating on the stock.
• 6/24/2024 – Broadcom had its “buy” rating reaffirmed by analysts at Bank of America Co.. They now have a $215.00 price target on the stock, up previously from $200.00.
• 6/13/2024 – Broadcom had its price target raised by analysts at JPMorgan Chase & Co. from $170.00 to $200.00. They now have an “overweight” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Barclays PLC from $150.00 to $200.00. They now have an “overweight” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Piper Sandler from $165.00 to $200.00. They now have an “overweight” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Sanford C. Bernstein from $160.00 to $195.00. They now have an “outperform” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Evercore ISI from $162.00 to $201.00. They now have an “outperform” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Oppenheimer Holdings Inc. from $150.00 to $200.00. They now have an “outperform” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Wells Fargo & Company from $143.00 to $170.00. They now have an “equal weight” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at TD Cowen from $150.00 to $175.00. They now have a “buy” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at UBS Group AG from $161.00 to $173.50. They now have a “buy” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Bank of America Co. from $168.00 to $200.00. They now have a “buy” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Jefferies Financial Group Inc. from $155.00 to $205.00. They now have a “buy” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Truist Financial Co. from $156.60 to $204.50. They now have a “buy” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at The Goldman Sachs Group, Inc. from $155.00 to $185.00. They now have a “buy” rating on the stock.
• 6/13/2024 – Broadcom had its price target raised by analysts at Mizuho from $162.50 to $190.00. They now have a “buy” rating on the stock.
• 6/12/2024 – Broadcom had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $150.00 price target on the stock.
• 6/11/2024 – Broadcom had its “buy” rating reaffirmed by analysts at Citigroup Inc.. They now have a $156.00 price target on the stock.
• 6/10/2024 – Broadcom had its “overweight” rating reaffirmed by analysts at Morgan Stanley. They now have a $165.80 price target on the stock.
• 6/3/2024 – Broadcom is now covered by analysts at Melius Research. They set a “buy” rating and a $185.00 price target on the stock.
• 6/3/2024 – Broadcom is now covered by analysts at Melius. They set a “buy” rating and a $185.00 price target on the stock.

Broadcom Stock Down 6.9 %

NASDAQ AVGO traded down $11.62 during trading on Wednesday, reaching $157.76. 21,867,723 shares of the company’s stock traded hands, compared to its average volume of 32,200,822. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16. The firm has a market cap of $734.35 billion, a price-to-earnings ratio of 6.79, a price-to-earnings-growth ratio of 2.98 and a beta of 1.17. The company’s 50 day simple moving average is $184.22 and its two-hundred day simple moving average is $146.25. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same period last year, the business earned $0.95 EPS. The company’s revenue was up 43.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.72 EPS for the current fiscal year.

Broadcom Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio (DPR) is presently 9.03%.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after acquiring an additional 1,303,462 shares in the last quarter. Capital International Investors increased its holdings in Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after acquiring an additional 1,006,223 shares in the last quarter. Norges Bank purchased a new stake in Broadcom in the 4th quarter worth $6,225,987,000. Northern Trust Corp increased its holdings in Broadcom by 3.7% in the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after acquiring an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.