Investors Buy Shares of Broadcom (AVGO) on Weakness

Traders bought shares of Broadcom Inc (NASDAQ:AVGO) on weakness during trading hours on Thursday. $373.47 million flowed into the stock on the tick-up and $291.54 million flowed out of the stock on the tick-down, for a money net flow of $81.93 million into the stock. Of all companies tracked, Broadcom had the 22nd highest net in-flow for the day. Broadcom traded down ($4.80) for the day and closed at $227.24

A number of research firms have recently issued reports on AVGO. BidaskClub cut Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research raised Broadcom from a “sell” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $260.00 price objective on shares of Broadcom in a research report on Wednesday, November 28th. B. Riley raised Broadcom from a “neutral” rating to a “buy” rating and raised their price objective for the company from $250.00 to $300.00 in a research report on Monday. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $230.00 price objective on shares of Broadcom in a research report on Friday, September 7th. Nine research analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $286.16.

The company has a market capitalization of $95.94 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 1.00 and a beta of 1.03. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.58 by $0.27. The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.40 billion. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $4.59 earnings per share. On average, equities analysts expect that Broadcom Inc will post 18.09 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th will be paid a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a dividend yield of 4.66%. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. Broadcom’s dividend payout ratio (DPR) is 48.95%.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $238.62, for a total transaction of $4,772,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of the firm’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,194 shares of company stock worth $14,266,145. Corporate insiders own 3.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Massey Quick Simon & CO. LLC bought a new position in Broadcom during the 2nd quarter worth $104,000. Zions Bancorporation bought a new position in Broadcom during the 2nd quarter worth $109,000. MUFG Americas Holdings Corp bought a new position in Broadcom during the 2nd quarter worth $109,000. First Personal Financial Services bought a new position in Broadcom during the 2nd quarter worth $126,000. Finally, Avestar Capital LLC bought a new position in Broadcom during the 2nd quarter worth $126,000. Hedge funds and other institutional investors own 85.22% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “Investors Buy Shares of Broadcom (AVGO) on Weakness” was published by WKRB News and is the property of of WKRB News. If you are reading this piece on another domain, it was copied illegally and republished in violation of US and international trademark and copyright legislation. The legal version of this piece can be read at https://www.wkrb13.com/2018/12/07/investors-buy-shares-of-broadcom-avgo-on-weakness.html.

Broadcom Company Profile (NASDAQ:AVGO)

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.

See Also: Dollar Cost Averaging

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply