ValuEngine Downgrades Broadcom (NASDAQ:AVGO) to Hold

ValuEngine lowered shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a report published on Monday, ValuEngine reports.

A number of other analysts have also weighed in on AVGO. MKM Partners raised their price target on shares of Broadcom to $310.00 and gave the company a buy rating in a report on Monday, March 18th. Morgan Stanley set a $143.00 price target on shares of FedEx and gave the company a hold rating in a report on Monday, June 10th. Mizuho lowered shares of Advantest from a neutral rating to an underperform rating in a report on Friday, June 14th. Barclays set a $18.00 price target on shares of Summit Materials and gave the company a hold rating in a report on Friday, June 14th. Finally, Summit Insights raised shares of Broadcom from a hold rating to a buy rating and set a $253.03 price target for the company in a report on Friday, June 14th. Twelve analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $297.62.

Shares of Broadcom stock opened at $276.06 on Monday. 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 firm has a market capitalization of $112.52 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 1.38 and a beta of 0.94. The firm has a 50 day moving average of $272.64. Broadcom has a fifty-two week low of $197.46 and a fifty-two week high of $323.20.

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

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

In related news, SVP Bryan Ingram sold 13,466 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $278.78, for a total value of $3,754,051.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $315.07, for a total transaction of $6,301,400.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,388 shares of company stock worth $18,656,682. 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. Norges Bank bought a new stake in Broadcom in the 4th quarter valued at $1,055,582,000. FMR LLC lifted its position in Broadcom by 3.8% in the 4th quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock valued at $2,591,815,000 after acquiring an additional 374,911 shares in the last quarter. Jennison Associates LLC lifted its position in Broadcom by 10.9% in the 1st quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock valued at $1,097,834,000 after acquiring an additional 359,736 shares in the last quarter. SG Americas Securities LLC lifted its position in Broadcom by 123.3% in the 1st quarter. SG Americas Securities LLC now owns 59,322 shares of the semiconductor manufacturer’s stock valued at $17,839,000 after acquiring an additional 314,335 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its position in Broadcom by 24.9% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,484,894 shares of the semiconductor manufacturer’s stock valued at $377,579,000 after acquiring an additional 296,309 shares in the last quarter. 83.91% of the stock is currently owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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