Broadcom (NASDAQ:AVGO) Given New $260.00 Price Target at BMO Capital Markets

Broadcom (NASDAQ:AVGO) had its price objective dropped by equities research analysts at BMO Capital Markets from $270.00 to $260.00 in a research note issued on Friday, BenzingaRatingsTable reports. The brokerage presently has a “market perform” rating on the semiconductor manufacturer’s stock. BMO Capital Markets’ price target points to a potential downside of 1.38% from the stock’s current price.

Several other analysts also recently issued reports on AVGO. 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 research report on Friday. Summit Redstone raised shares of Broadcom to a “buy” rating in a research report on Friday. Charter Equity reissued a “market perform” rating and issued a $254.00 price target on shares of Broadcom in a research report on Friday. Cowen reduced their price target on shares of Broadcom from $280.00 to $265.00 and set a “market perform” rating for the company in a research report on Friday. Finally, Barclays reissued an “overweight” rating and issued a $315.00 price target (down previously from $360.00) on shares of Broadcom in a research report on Friday. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have assigned a buy rating to the company. Broadcom has an average rating of “Buy” and an average price target of $299.32.

NASDAQ AVGO traded down $17.98 during mid-day trading on Friday, hitting $263.63. The company’s stock had a trading volume of 4,558,575 shares, compared to its average volume of 3,175,010. Broadcom has a twelve month low of $197.46 and a twelve month high of $323.20. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The company has a market cap of $110.73 billion, a P/E ratio of 14.00, a PEG ratio of 1.26 and a beta of 0.87.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The business had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter last year, the firm posted $4.88 EPS. Broadcom’s revenue was up 10.0% compared to the same quarter last year. Sell-side analysts predict that Broadcom will post 17.55 EPS for the current year.

In related news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $315.07, for a total value of $6,301,400.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kirsten M. Spears sold 4,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $306.31, for a total value of $1,225,240.00. The disclosure for this sale can be found here. Insiders sold a total of 67,824 shares of company stock worth $20,565,519 over the last 90 days. 3.30% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. BTIM Corp. grew its holdings in Broadcom by 1.7% during the 1st quarter. BTIM Corp. now owns 1,883 shares of the semiconductor manufacturer’s stock valued at $566,000 after buying an additional 32 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Broadcom by 9.1% during the first quarter. Parkside Financial Bank & Trust now owns 395 shares of the semiconductor manufacturer’s stock worth $119,000 after purchasing an additional 33 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Broadcom by 5.4% during the first quarter. Lindbrook Capital LLC now owns 662 shares of the semiconductor manufacturer’s stock worth $199,000 after purchasing an additional 34 shares in the last quarter. Lincoln National Corp grew its holdings in shares of Broadcom by 4.1% during the fourth quarter. Lincoln National Corp now owns 929 shares of the semiconductor manufacturer’s stock worth $236,000 after purchasing an additional 37 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. grew its holdings in shares of Broadcom by 1.4% during the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 2,948 shares of the semiconductor manufacturer’s stock worth $886,000 after purchasing an additional 40 shares in the last quarter. 84.42% of the stock is 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.

Featured Article: Why is momentum important to successful trading?

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply