BidaskClub Lowers Broadcom (NASDAQ:AVGO) to Hold

BidaskClub downgraded shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a research report sent to investors on Tuesday, BidAskClub reports.

AVGO has been the topic of a number of other reports. Citigroup reduced their target price on shares of Broadcom from $320.00 to $300.00 and set a buy rating on the stock in a research note on Friday, June 14th. Zacks Investment Research raised shares of HAYS PLC/ADR from a sell rating to a hold rating in a research note on Tuesday, June 18th. Robert W. Baird set a $5.00 target price on shares of Ashford Hospitality Trust and gave the stock a hold rating in a research note on Monday, June 17th. SunTrust Banks lowered their price target on shares of Broadcom to $307.00 and set a buy rating for the company in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. set a $24.00 price target on shares of Urovant Sciences and gave the stock a buy rating in a report on Friday, June 14th. Twelve research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. Broadcom has an average rating of Buy and a consensus target price of $297.62.

Shares of Broadcom stock opened at $276.06 on Tuesday. The stock has a market capitalization of $109.89 billion, a PE ratio of 14.66, a PEG ratio of 1.34 and a beta of 0.94. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. The business’s fifty day simple moving average is $272.64. Broadcom has a 1 year low of $197.46 and a 1 year high of $323.20.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the business earned $4.88 earnings per share. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, analysts predict that Broadcom will post 17.3 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Monday, June 24th were issued a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Friday, June 21st. Broadcom’s payout ratio is presently 56.29%.

In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $315.07, for a total transaction of $6,301,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bryan Ingram sold 11,922 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,388 shares of company stock worth $18,656,682. 3.30% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Peoples Financial Services CORP. lifted its holdings in Broadcom by 13.1% during the 2nd quarter. Peoples Financial Services CORP. now owns 3,450 shares of the semiconductor manufacturer’s stock worth $993,000 after purchasing an additional 400 shares during the last quarter. Rothschild Investment Corp IL raised its holdings in shares of Broadcom by 26.8% during the 2nd quarter. Rothschild Investment Corp IL now owns 3,785 shares of the semiconductor manufacturer’s stock worth $1,090,000 after buying an additional 800 shares in the last quarter. Heritage Investors Management Corp grew its position in Broadcom by 3.8% during the 2nd quarter. Heritage Investors Management Corp now owns 68,243 shares of the semiconductor manufacturer’s stock worth $19,644,000 after acquiring an additional 2,515 shares during the last quarter. Gyroscope Capital Management Group LLC grew its position in Broadcom by 1.7% during the 2nd quarter. Gyroscope Capital Management Group LLC now owns 2,856 shares of the semiconductor manufacturer’s stock worth $807,000 after acquiring an additional 47 shares during the last quarter. Finally, Lourd Capital LLC grew its position in Broadcom by 7.3% during the 2nd quarter. Lourd Capital LLC now owns 782 shares of the semiconductor manufacturer’s stock worth $225,000 after acquiring an additional 53 shares during the last quarter. Institutional investors own 83.91% 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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