Broadcom (NASDAQ:AVGO – Get Free Report) was upgraded by research analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.
Several other equities research analysts also recently commented on AVGO. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Benchmark upped their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. KeyCorp boosted their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Finally, Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday, June 15th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $281.25.
Check Out Our Latest Stock Report on AVGO
Broadcom Trading Up 0.3%
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company posted $10.96 earnings per share. Equities research analysts predict that Broadcom will post 5.38 EPS for the current year.
Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
Insider Activity at Broadcom
In other news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider now directly owns 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total transaction of $10,486,800.00. Following the completion of the sale, the chief executive officer now directly owns 974,152 shares of the company’s stock, valued at $255,393,429.84. This trade represents a 3.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 301,468 shares of company stock valued at $74,670,250 over the last 90 days. 2.00% of the stock is owned by insiders.
Hedge Funds Weigh In On Broadcom
Large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Broadcom in the fourth quarter worth about $16,893,010,000. Nuveen LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $6,649,117,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after purchasing an additional 17,985,046 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the period. Finally, GQG Partners LLC increased its stake in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after buying an additional 6,809,245 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.
About Broadcom
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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