Mizuho Reiterates “Buy” Rating for Broadcom (NASDAQ:AVGO)

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating restated by stock analysts at Mizuho in a research note issued on Sunday, AnalystRatings.com reports. They currently have a $330.00 target price on the semiconductor manufacturer’s stock. Mizuho’s price objective would suggest a potential upside of 19.68% from the stock’s current price.

AVGO has been the subject of several other reports. DA Davidson dropped their target price on shares of Broadcom to $300.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Cowen reaffirmed a “market perform” rating and issued a $265.00 target price (down from $280.00) on shares of Broadcom in a research report on Friday, June 14th. Craig Hallum reaffirmed a “buy” rating and issued a $315.00 target price (down from $325.00) on shares of Broadcom in a research report on Friday, June 14th. Charter Equity cut shares of Broadcom from a “buy” rating to a “market perform” rating and set a $254.00 target price for the company. in a research report on Friday, June 14th. Finally, KeyCorp raised their target price on shares of Broadcom from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Friday. Nine research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $304.32.

AVGO traded up $4.75 during trading on Friday, hitting $275.73. 2,940,530 shares of the stock traded hands, compared to its average volume of 2,072,810. The company has a market cap of $107.87 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 1.31 and a beta of 0.92. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13. The company has a 50-day moving average price of $285.60. Broadcom has a 12-month low of $202.77 and a 12-month high of $323.20.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.18 by $0.03. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.88 EPS. As a group, equities research analysts expect that Broadcom will post 17.43 EPS for the current fiscal year.

In related news, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $264.00, for a total transaction of $5,280,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,388 shares of company stock valued at $18,198,482. 3.30% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Thoroughbred Financial Services LLC increased its stake in Broadcom by 40,641.1% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock valued at $51,497,000 after purchasing an additional 513,703 shares in the last quarter. Jennison Associates LLC increased its stake in Broadcom by 10.9% during 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 purchasing an additional 359,736 shares in the last quarter. SG Americas Securities LLC increased its stake in Broadcom by 123.3% during the 1st quarter. SG Americas Securities LLC now owns 59,322 shares of the semiconductor manufacturer’s stock valued at $17,839,000 after purchasing an additional 314,335 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Broadcom by 97.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 569,722 shares of the semiconductor manufacturer’s stock valued at $171,318,000 after purchasing an additional 281,144 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in Broadcom by 34.4% during the 2nd quarter. First Trust Advisors LP now owns 763,392 shares of the semiconductor manufacturer’s stock valued at $219,750,000 after purchasing an additional 195,381 shares in the last quarter. Institutional investors own 84.03% 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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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