Broadcom’s (AVGO) “Buy” Rating Reaffirmed at Brean Capital
Broadcom Ltd (NASDAQ:AVGO)‘s stock had its “buy” rating restated by research analysts at Brean Capital in a research note issued to investors on Wednesday.
Several other equities research analysts have also commented on AVGO. Canaccord Genuity upped their price objective on Broadcom from $200.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, September 2nd. B. Riley reiterated a “buy” rating and issued a $215.00 price target on shares of Broadcom in a research note on Sunday, September 4th. Drexel Hamilton increased their price target on Broadcom from $192.00 to $201.00 and gave the stock a “buy” rating in a research note on Friday, September 2nd. Vetr lowered Broadcom from a “buy” rating to a “hold” rating and set a $156.91 price target for the company. in a research note on Tuesday, May 24th. Finally, Mizuho increased their price target on Broadcom from $175.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 3rd. Two equities research analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $194.64.
Broadcom (NASDAQ:AVGO) traded up 0.19% during midday trading on Wednesday, hitting $168.55. The stock had a trading volume of 475,411 shares. Broadcom has a 1-year low of $111.53 and a 1-year high of $179.42. The company’s market capitalization is $66.97 billion. The stock’s 50-day moving average is $171.54 and its 200-day moving average is $157.92.
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Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $2.89 EPS for the quarter, topping the consensus estimate of $2.77 by $0.12. The firm earned $3.80 billion during the quarter. Broadcom had a positive return on equity of 25.06% and a negative net margin of 6.20%. The company’s revenue for the quarter was up 117.3% on a year-over-year basis. During the same quarter last year, the company earned $2.24 earnings per share. Equities research analysts forecast that Broadcom will post $11.24 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 19th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 15th. This is an increase from Broadcom’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 1.21%. Broadcom’s payout ratio is currently -208.16%.
In related news, VP Patricia H. Mccall sold 2,500 shares of the business’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $164.50, for a total transaction of $411,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Bryan Ingram sold 31,488 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $169.27, for a total transaction of $5,329,973.76. The disclosure for this sale can be found here. Corporate insiders own 6.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Perigon Wealth Management LLC acquired a new position in Broadcom during the second quarter worth about $1,528,000. Tealwood Asset Management Inc. increased its position in shares of Broadcom by 0.4% in the second quarter. Tealwood Asset Management Inc. now owns 16,500 shares of the semiconductor manufacturer’s stock worth $2,564,000 after buying an additional 60 shares during the period. Mitchell Mcleod Pugh & Williams Inc. purchased a new position in shares of Broadcom during the second quarter worth $318,000. Hollencrest Securities LLC increased its position in shares of Broadcom by 1.2% in the second quarter. Hollencrest Securities LLC now owns 1,324 shares of the semiconductor manufacturer’s stock worth $206,000 after buying an additional 16 shares during the period. Finally, Origin Asset Management LLP increased its position in shares of Broadcom by 58.0% in the first quarter. Origin Asset Management LLP now owns 206,009 shares of the semiconductor manufacturer’s stock worth $31,828,000 after buying an additional 75,611 shares during the period. Institutional investors own 91.45% of the company’s stock.
Broadcom Company Profile
Broadcom Limited is a semiconductor company. The Company offers a range of products in end-markets, including wired infrastructure, wireless communications, enterprise storage, and industrial and others. The Company’s products are used in various applications, including data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and displays.
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