JPMorgan Chase & Co. Trims Broadcom (NASDAQ:AVGO) Target Price to $350.00

Broadcom (NASDAQ:AVGO) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $365.00 to $350.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 32.76% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Mizuho boosted their price objective on shares of Broadcom from $295.00 to $305.00 and gave the company a “buy” rating in a report on Friday, March 15th. KeyCorp boosted their price objective on shares of Broadcom from $335.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Citigroup initiated coverage on shares of Broadcom in a report on Friday, March 15th. They set a “buy” rating for the company. Jefferies Financial Group boosted their price objective on shares of Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, DA Davidson boosted their price objective on shares of Broadcom to $325.00 and gave the company a “buy” rating in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $299.32.

Shares of NASDAQ:AVGO traded down $17.98 during trading on Friday, hitting $263.63. 4,558,575 shares of the company’s stock were exchanged, compared to its average volume of 3,175,010. Broadcom has a 1-year low of $197.46 and a 1-year high of $323.20. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. The stock has a market cap of $110.73 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 1.26 and a beta of 0.87.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping 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 company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company earned $4.88 EPS. Broadcom’s revenue was up 10.0% on a year-over-year basis. Equities research analysts anticipate that Broadcom will post 17.55 earnings per share for the current year.

In other Broadcom news, SVP Charlie B. Kawwas sold 9,330 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total transaction of $2,761,026.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas H. Krause sold 14,494 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total transaction of $4,282,252.30. The disclosure for this sale can be found here. Insiders have sold 67,824 shares of company stock worth $20,565,519 over the last ninety days. Insiders own 3.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Outlook Wealth Advisors LLC increased its holdings in shares of Broadcom by 773.5% in the first quarter. Outlook Wealth Advisors LLC now owns 856 shares of the semiconductor manufacturer’s stock valued at $257,000 after purchasing an additional 758 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in shares of Broadcom by 177.0% in the first quarter. Gateway Investment Advisers LLC now owns 136,598 shares of the semiconductor manufacturer’s stock valued at $41,076,000 after purchasing an additional 87,288 shares during the last quarter. National Pension Service increased its holdings in shares of Broadcom by 6.0% in the fourth quarter. National Pension Service now owns 394,048 shares of the semiconductor manufacturer’s stock valued at $110,925,000 after purchasing an additional 22,223 shares during the last quarter. Pensionmark Financial Group LLC acquired a new position in shares of Broadcom in the fourth quarter valued at $336,000. Finally, Highstreet Asset Management Inc. increased its holdings in shares of Broadcom by 40.1% in the fourth quarter. Highstreet Asset Management Inc. now owns 11,438 shares of the semiconductor manufacturer’s stock valued at $2,908,000 after purchasing an additional 3,276 shares during the last quarter. 84.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

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