Broadcom’s (AVGO) Buy Rating Reaffirmed at Piper Jaffray Companies
Piper Jaffray Companies restated their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research note released on Tuesday, BenzingaRatingsTable reports. The firm currently has a $345.00 target price on the semiconductor manufacturer’s stock, up from their previous target price of $330.00.
A number of other brokerages have also commented on AVGO. Susquehanna Bancshares raised their price target on Broadcom from $315.00 to $345.00 and gave the company a positive rating in a report on Friday, September 13th. Daiwa Capital Markets downgraded Broadcom from a buy rating to a neutral rating in a research note on Thursday, August 15th. BidaskClub downgraded Broadcom from a strong-buy rating to a buy rating in a research note on Thursday, December 5th. Morgan Stanley raised Broadcom from an equal weight rating to an overweight rating in a research note on Wednesday, November 27th. Finally, Wells Fargo & Co increased their price objective on Broadcom from $290.00 to $300.00 and gave the stock a market perform rating in a research note on Friday, September 13th. Nine investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $328.00.
NASDAQ AVGO opened at $315.42 on Tuesday. The stock has a market cap of $126.82 billion, a PE ratio of 18.12, a P/E/G ratio of 1.51 and a beta of 0.90. Broadcom has a fifty-two week low of $230.33 and a fifty-two week high of $330.16. The business has a 50 day moving average price of $309.26 and a two-hundred day moving average price of $287.57. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be paid a dividend of $3.25 per share. This is an increase from Broadcom’s previous quarterly dividend of $2.65. This represents a $13.00 dividend on an annualized basis and a dividend yield of 4.12%. Broadcom’s dividend payout ratio (DPR) is 60.88%.
In related news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $289.43, for a total value of $5,788,600.00. Also, insider Mark David Brazeal sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $289.43, for a total value of $578,860.00. Insiders have sold a total of 62,000 shares of company stock valued at $18,432,860 over the last ninety days. Company insiders own 3.30% of the company’s stock.
Several hedge funds have recently modified their holdings of AVGO. Nuveen Asset Management LLC raised its stake in shares of Broadcom by 2,421.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock valued at $981,806,000 after acquiring an additional 3,275,431 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Broadcom by 1,808.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock valued at $223,805,000 after acquiring an additional 736,741 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Broadcom by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after acquiring an additional 559,961 shares in the last quarter. Natixis raised its stake in shares of Broadcom by 840.6% in the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock valued at $126,871,000 after acquiring an additional 393,880 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Broadcom by 24.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,892,948 shares of the semiconductor manufacturer’s stock valued at $544,904,000 after acquiring an additional 373,703 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Company Profile
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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