Summit Redstone upgraded shares of Broadcom (NASDAQ:AVGO) to a buy rating in a research note issued to investors on Friday, Stock Target Advisor reports.

Several other brokerages also recently issued reports on AVGO. ValuEngine upgraded Broadcom from a hold rating to a buy rating in a research report on Thursday, April 18th. BidaskClub downgraded Broadcom from a buy rating to a hold rating in a research report on Wednesday, April 24th. KeyCorp lifted their price objective on Broadcom from $335.00 to $350.00 and gave the company an overweight rating in a research report on Friday, April 26th. Mizuho lifted their price objective on Broadcom from $305.00 to $335.00 and gave the company a buy rating in a research report on Friday, April 12th. Finally, Zacks Investment Research downgraded Broadcom from a hold rating to a sell rating in a research report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-eight have issued a buy rating to the company. The company has an average rating of Buy and a consensus price target of $297.58.

Broadcom stock opened at $265.93 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 1.47. The company has a market cap of $105.27 billion, a P/E ratio of 14.12, a P/E/G ratio of 1.20 and a beta of 0.87. Broadcom has a one year low of $197.46 and a one year high of $323.20.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $5.18 by $0.03. Broadcom had a return on equity of 31.66% and a net margin of 15.92%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company posted $4.88 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom will post 17.55 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Monday, June 24th will be paid a dividend of $2.65 per share. The ex-dividend date of this dividend is Friday, June 21st. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.99%. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.

In related news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Monday, April 15th. The stock was sold at an average price of $315.07, for a total transaction of $6,301,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kirsten M. Spears sold 4,000 shares of Broadcom stock in a transaction on Monday, April 1st. The stock was sold at an average price of $306.31, for a total value of $1,225,240.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,824 shares of company stock valued at $20,565,519. 3.30% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in AVGO. Outlook Wealth Advisors LLC grew its stake in 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 acquiring an additional 758 shares during the period. Gateway Investment Advisers LLC grew its stake in 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 acquiring an additional 87,288 shares during the period. National Pension Service grew its stake in 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 acquiring an additional 22,223 shares during the period. Pensionmark Financial Group LLC acquired a new position in Broadcom in the fourth quarter valued at about $336,000. Finally, Highstreet Asset Management Inc. grew its stake in 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 acquiring an additional 3,276 shares during the period. 84.42% of the stock is owned by institutional investors and hedge funds.

About Broadcom

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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