Broadcom’s (AVGO) Buy Rating Reiterated at Mizuho
Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating restated by equities research analysts at Mizuho in a note issued to investors on Thursday. They currently have a $310.00 price target on the semiconductor manufacturer’s stock. Mizuho’s target price would suggest a potential upside of 19.53% from the company’s previous close.
The analysts wrote, “We are moderating our AprQ for AVGO inline with prior seasonality; this still represents 35% growth y/y and reflects an extra week in the JanQ. We believe AVGO remains well-positioned with increasing GM/OM, strong FCF and a potential QCOM acquisition on the horizon. Adjusting our estimates, reiterating our Buy and $310 PT on continued solid execution. We continue to see AVGO as a top pick with a potential roadmap to $500. The company recently raised the dividend to ~$7/share.””
A number of other brokerages also recently commented on AVGO. Vetr raised Broadcom from a “hold” rating to a “buy” rating and set a $261.95 price objective for the company in a research report on Monday, August 28th. Royal Bank of Canada reissued a “buy” rating and set a $285.00 price target (up previously from $270.00) on shares of Broadcom in a research report on Saturday, August 26th. B. Riley reissued a “buy” rating and set a $305.00 price target on shares of Broadcom in a research report on Thursday, August 31st. Nomura boosted their price target on Broadcom to $330.00 and gave the company a “buy” rating in a research report on Friday, December 8th. Finally, Zacks Investment Research downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, August 17th. Four research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $303.13.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating the Zacks’ consensus estimate of $4.52 by $0.07. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a return on equity of 28.61% and a net margin of 10.18%. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.47 earnings per share. research analysts forecast that Broadcom will post 16.99 earnings per share for the current year.
In related news, SVP Bryan Ingram sold 794 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total value of $205,328.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $246.48, for a total value of $4,929,600.00. The disclosure for this sale can be found here. Insiders sold 73,389 shares of company stock valued at $18,392,076 in the last ninety days. Company insiders own 3.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Mountain Capital Investment Advisors Inc purchased a new stake in shares of Broadcom in the second quarter valued at $113,000. AllSquare Wealth Management LLC purchased a new stake in shares of Broadcom in the third quarter valued at $113,000. Tower Research Capital LLC TRC lifted its holdings in shares of Broadcom by 473.0% in the second quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock valued at $134,000 after purchasing an additional 473 shares in the last quarter. Catamount Wealth Management purchased a new stake in shares of Broadcom in the second quarter valued at $140,000. Finally, Carroll Financial Associates Inc. lifted its holdings in shares of Broadcom by 59.0% in the third quarter. Carroll Financial Associates Inc. now owns 593 shares of the semiconductor manufacturer’s stock valued at $144,000 after purchasing an additional 220 shares in the last quarter. Institutional investors and hedge funds own 88.98% of the company’s stock.
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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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