Broadcom (AVGO) Earns “Buy” Rating from Drexel Hamilton
Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reaffirmed by analysts at Drexel Hamilton in a research note issued to investors on Thursday. They presently have a $302.00 target price on the semiconductor manufacturer’s stock. Drexel Hamilton’s price target would indicate a potential upside of 14.44% from the company’s current price.
A number of other equities analysts also recently commented on AVGO. Mizuho boosted their target price on shares of Broadcom from $290.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday. Loop Capital boosted their target price on shares of Broadcom to $330.00 and gave the stock a “buy” rating in a research note on Thursday. B. Riley reiterated a “buy” rating and set a $305.00 target price on shares of Broadcom in a research note on Saturday, August 26th. Sanford C. Bernstein reiterated an “outperform” rating and set a $325.00 target price (up previously from $300.00) on shares of Broadcom in a research note on Thursday. Finally, Vetr upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $258.25 target price for the company in a research note on Monday, August 14th. Five equities research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and an average price target of $298.73.
Broadcom (NASDAQ:AVGO) traded up $2.24 during trading hours on Thursday, hitting $263.89. 4,875,100 shares of the company’s stock traded hands, compared to its average volume of 2,777,329. The firm has a market capitalization of $106,747.80, a P/E ratio of 19.78, a price-to-earnings-growth ratio of 1.26 and a beta of 1.05. The company has a current ratio of 4.48, a quick ratio of 3.84 and a debt-to-equity ratio of 0.60. Broadcom has a fifty-two week low of $163.67 and a fifty-two week high of $285.68.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, topping analysts’ consensus estimates of $4.52 by $0.07. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a net margin of 3.12% and a return on equity of 26.82%. The company’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.47 earnings per share. research analysts expect that Broadcom will post 13.93 earnings per share for the current fiscal year.
In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $260.03, for a total value of $5,200,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Charlie B. Kawwas sold 1,788 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $247.28, for a total transaction of $442,136.64. The disclosure for this sale can be found here. Insiders sold 104,383 shares of company stock valued at $25,949,184 over the last ninety days. Corporate insiders own 3.60% of the company’s stock.
Several large investors have recently made changes to their positions in AVGO. Quantitative Systematic Strategies LLC raised its holdings in Broadcom by 348.3% during the third quarter. Quantitative Systematic Strategies LLC now owns 4,335 shares of the semiconductor manufacturer’s stock worth $1,051,000 after purchasing an additional 3,368 shares in the last quarter. Alps Advisors Inc. purchased a new position in Broadcom during the second quarter worth about $221,000. Osborne Partners Capital Management LLC raised its holdings in Broadcom by 5.5% during the third quarter. Osborne Partners Capital Management LLC now owns 9,531 shares of the semiconductor manufacturer’s stock worth $2,312,000 after purchasing an additional 499 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Broadcom by 14.4% during the second quarter. Principal Financial Group Inc. now owns 667,057 shares of the semiconductor manufacturer’s stock worth $155,459,000 after purchasing an additional 83,929 shares in the last quarter. Finally, DSAM Partners London Ltd raised its holdings in Broadcom by 103.4% during the second quarter. DSAM Partners London Ltd now owns 184,714 shares of the semiconductor manufacturer’s stock worth $43,048,000 after purchasing an additional 93,890 shares in the last quarter. 88.99% of the stock is owned by institutional investors and hedge funds.
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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