Broadcom Ltd (AVGO) Given “Buy” Rating at Mizuho
Broadcom Ltd (NASDAQ:AVGO)‘s stock had its “buy” rating reissued by analysts at Mizuho in a research report issued on Sunday. They presently have a $265.00 target price on the semiconductor manufacturer’s stock, up from their prior target price of $250.00. Mizuho’s target price would indicate a potential upside of 9.86% from the company’s previous close.
AVGO has been the topic of a number of other reports. B. Riley reiterated a “buy” rating and set a $260.00 price target on shares of Broadcom in a report on Thursday, March 2nd. MKM Partners reiterated a “buy” rating and set a $240.00 price target on shares of Broadcom in a report on Wednesday, February 22nd. Morgan Stanley reiterated an “overweight” rating and set a $265.00 price target (up from $245.00) on shares of Broadcom in a report on Thursday. Instinet lifted their price target on Broadcom from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, February 27th. Finally, Royal Bank of Canada reiterated a “top pick” rating and set a $240.00 price target on shares of Broadcom in a report on Sunday, April 2nd. Three equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $232.45.
Broadcom (NASDAQ:AVGO) traded up 0.15% on Friday, hitting $241.21. The company’s stock had a trading volume of 1,312,045 shares. The stock’s market cap is $96.81 billion. The firm has a 50 day moving average of $226.10 and a 200-day moving average of $202.84. Broadcom has a 12 month low of $142.27 and a 12 month high of $241.60.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, March 1st. The semiconductor manufacturer reported $3.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.02 by $0.61. Broadcom had a positive return on equity of 22.77% and a negative net margin of 13.13%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the company earned $2.41 earnings per share. The company’s revenue for the quarter was up 132.8% on a year-over-year basis. On average, analysts expect that Broadcom will post $14.89 earnings per share for the current fiscal year.
In related news, VP Patricia H. Mccall sold 5,000 shares of the business’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $226.41, for a total transaction of $1,132,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 65,000 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $216.79, for a total value of $14,091,350.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 283,946 shares of company stock valued at $63,066,891. 6.20% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Broadcom by 2,707.3% in the first quarter. BlackRock Inc. now owns 23,131,935 shares of the semiconductor manufacturer’s stock valued at $5,064,971,000 after buying an additional 22,307,935 shares during the last quarter. Jennison Associates LLC boosted its position in Broadcom by 904.2% in the first quarter. Jennison Associates LLC now owns 4,201,357 shares of the semiconductor manufacturer’s stock valued at $919,929,000 after buying an additional 3,782,991 shares during the last quarter. Norges Bank acquired a new position in Broadcom during the fourth quarter valued at approximately $589,052,000. Vanguard Group Inc. boosted its position in Broadcom by 7.0% in the first quarter. Vanguard Group Inc. now owns 26,768,435 shares of the semiconductor manufacturer’s stock valued at $5,861,217,000 after buying an additional 1,746,144 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Broadcom by 29.3% in the first quarter. Wellington Management Group LLP now owns 6,710,760 shares of the semiconductor manufacturer’s stock valued at $1,469,388,000 after buying an additional 1,519,598 shares during the last quarter. Institutional investors and hedge funds own 91.85% of the company’s stock.
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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