Broadcom (NASDAQ:AVGO) Now Covered by Redburn Atlantic

Analysts at Redburn Atlantic initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a research note issued on Wednesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $301.00 price target on the semiconductor manufacturer’s stock. Redburn Atlantic’s target price would indicate a potential upside of 24.40% from the company’s current price.

A number of other analysts also recently commented on AVGO. Bank of America dropped their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley upped their target price on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, Citigroup decreased their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $236.27.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $241.97 on Wednesday. The stock has a market cap of $1.14 trillion, a P/E ratio of 197.37, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm’s 50-day simple moving average is $194.36 and its 200 day simple moving average is $202.79. Broadcom has a fifty-two week low of $128.50 and a fifty-two week high of $251.88.

Broadcom announced that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Banco Bilbao Vizcaya Argentaria S.A. grew its position in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after buying an additional 18,845 shares during the period. Nebula Research & Development LLC boosted its stake in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after purchasing an additional 14,399 shares during the period. TTP Investments Inc. grew its holdings in shares of Broadcom by 71.7% during the fourth quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer’s stock worth $14,061,000 after buying an additional 25,330 shares in the last quarter. Destiny Wealth Partners LLC raised its holdings in shares of Broadcom by 1,211.3% in the fourth quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer’s stock valued at $6,263,000 after purchasing an additional 24,953 shares during the last quarter. Finally, Mediolanum International Funds Ltd boosted its stake in shares of Broadcom by 36.3% during the 4th quarter. Mediolanum International Funds Ltd now owns 634,112 shares of the semiconductor manufacturer’s stock worth $149,017,000 after buying an additional 168,774 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.