Broadcom (AVGO) Raised to Buy at BidaskClub

Broadcom (NASDAQ:AVGO) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Thursday.

Other analysts have also recently issued reports about the stock. MKM Partners reduced their target price on shares of Broadcom to $255.00 in a report on Friday, September 7th. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Broadcom in a report on Thursday, July 12th. Jefferies Financial Group reduced their target price on shares of Broadcom to $278.00 and set a “buy” rating for the company in a report on Thursday, July 12th. UBS Group reduced their target price on shares of Broadcom from $330.00 to $300.00 and set a “buy” rating for the company in a report on Friday, July 20th. Finally, SunTrust Banks reduced their target price on shares of Broadcom to $325.00 and set a “buy” rating for the company in a report on Monday, July 23rd. Eight research analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the company. Broadcom currently has an average rating of “Buy” and a consensus target price of $290.97.

Shares of Broadcom stock opened at $238.99 on Thursday. The company has a market cap of $96.91 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.95 and a beta of 0.99. Broadcom has a twelve month low of $197.46 and a twelve month high of $285.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. The company had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.10 earnings per share. On average, research analysts anticipate that Broadcom will post 18.09 earnings per share for the current fiscal year.

In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of the stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,194 shares of company stock valued at $13,785,345. Corporate insiders own 3.30% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of AVGO. Massey Quick Simon & CO. LLC purchased a new position in Broadcom during the second quarter valued at $104,000. MUFG Americas Holdings Corp purchased a new position in Broadcom during the second quarter valued at $109,000. Zions Bancorporation purchased a new position in Broadcom during the second quarter valued at $109,000. MUFG Securities EMEA plc purchased a new position in Broadcom during the second quarter valued at $117,000. Finally, First Personal Financial Services purchased a new position in Broadcom during the second quarter valued at $126,000. 88.09% of the stock is owned by institutional investors.

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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