Broadcom (NASDAQ:AVGO – Get Free Report) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.
Several other research analysts also recently weighed in on the stock. Redburn Atlantic assumed coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Benchmark lifted their target price on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. UBS Group boosted their price objective on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday. Finally, Bank of America raised their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $270.25.
View Our Latest Analysis on AVGO
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. As a group, research analysts expect that Broadcom will post 5.38 EPS for the current fiscal year.
Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity at Broadcom
In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last ninety days. Company insiders own 2.00% of the company’s stock.
Institutional Trading of Broadcom
A number of hedge funds have recently added to or reduced their stakes in the company. Tallon Kerry Patrick purchased a new position in shares of Broadcom in the 4th quarter valued at about $357,000. Capital & Planning LLC lifted its position in shares of Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 554 shares in the last quarter. LaFleur & Godfrey LLC raised its position in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after acquiring an additional 12,345 shares during the period. Brighton Jones LLC lifted its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Broadcom in the fourth quarter valued at about $71,312,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
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.
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