Mizuho Raises Broadcom (AVGO) Price Target to $310.00
Broadcom (NASDAQ:AVGO) had its price target hoisted by Mizuho from $290.00 to $310.00 in a research note issued on Thursday. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Mizuho’s target price points to a potential upside of 17.47% from the company’s previous close.
A number of other equities analysts have also issued reports on AVGO. Vetr raised Broadcom from a “hold” rating to a “buy” rating and set a $261.95 target price on the stock in a research report on Monday, August 28th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $285.00 target price (up from $270.00) on shares of Broadcom in a research report on Saturday, August 26th. B. Riley reaffirmed a “buy” rating and issued a $305.00 target price on shares of Broadcom in a research report on Thursday, August 31st. BidaskClub lowered Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Finally, Zacks Investment Research lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, August 17th. Five investment analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Broadcom currently has a consensus rating of “Buy” and an average price target of $295.40.
Broadcom (AVGO) opened at $263.89 on Thursday. The company has a market capitalization of $106,747.80, a P/E ratio of 19.78, a P/E/G 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 52-week low of $163.67 and a 52-week high of $285.68.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, topping the consensus estimate of $4.52 by $0.07. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.84 billion. Broadcom had a return on equity of 26.82% and a net margin of 3.12%. Broadcom’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.47 EPS. analysts predict that Broadcom will post 13.93 earnings per share for the current fiscal year.
In related news, SVP Bryan Ingram sold 30,000 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $244.01, for a total transaction of $7,320,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas H. Krause sold 2,595 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $267.34, for a total value of $693,747.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,383 shares of company stock worth $25,949,184. Corporate insiders own 3.60% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of AVGO. IFP Advisors Inc grew its stake in Broadcom by 13.4% during the 2nd quarter. IFP Advisors Inc now owns 2,169 shares of the semiconductor manufacturer’s stock worth $506,000 after buying an additional 257 shares during the last quarter. Advisor Partners LLC grew its stake in Broadcom by 10.0% during the 2nd quarter. Advisor Partners LLC now owns 5,885 shares of the semiconductor manufacturer’s stock worth $1,372,000 after buying an additional 537 shares during the last quarter. Pioneer Investment Management Inc. grew its stake in Broadcom by 2.2% during the 2nd quarter. Pioneer Investment Management Inc. now owns 1,236,209 shares of the semiconductor manufacturer’s stock worth $288,099,000 after buying an additional 26,246 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new position in Broadcom during the 2nd quarter worth $116,000. Finally, Aveo Capital Partners LLC bought a new position in shares of Broadcom in the second quarter worth $1,504,000. Hedge funds and other institutional investors own 88.99% of the company’s stock.
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Broadcom Company Profile
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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