Broadcom (NASDAQ:AVGO – Get Rating) had its price target lowered by stock analysts at Bank of America from $780.00 to $625.00 in a research note issued to investors on Wednesday, The Fly reports. Bank of America’s target price points to a potential upside of 25.39% from the company’s current price.
Several other research firms have also commented on AVGO. Susquehanna Bancshares reissued a “buy” rating and set a $680.00 price objective on shares of Broadcom in a research note on Tuesday, March 1st. StockNews.com upgraded shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. Susquehanna reiterated a “buy” rating and issued a $680.00 price target on shares of Broadcom in a research report on Tuesday, March 1st. Rosenblatt Securities upped their price target on shares of Broadcom from $750.00 to $775.00 and gave the stock a “buy” rating in a research report on Friday, March 4th. Finally, Mizuho upped their target price on shares of Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. Four investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $683.17.
AVGO opened at $498.45 on Wednesday. The company has a 50 day moving average of $554.41 and a 200 day moving average of $586.33. The company has a market cap of $201.28 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 0.96 and a beta of 1.04. Broadcom has a 12 month low of $455.71 and a 12 month high of $677.76. The company has a current ratio of 2.14, a quick ratio of 1.90 and a debt-to-equity ratio of 1.87.
Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, beating the consensus estimate of $7.88 by $1.19. The firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $7.91 billion. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The business’s quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter last year, the company posted $5.89 EPS. Research analysts forecast that Broadcom will post 33.95 earnings per share for the current fiscal year.
Broadcom announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 26th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Diane M. Bryant sold 476 shares of the company’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $629.55, for a total transaction of $299,665.80. Following the completion of the sale, the director now owns 1,560 shares of the company’s stock, valued at $982,098. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Sara Bay Financial grew its holdings in shares of Broadcom by 36.5% during the first quarter. Sara Bay Financial now owns 580 shares of the semiconductor manufacturer’s stock worth $365,000 after buying an additional 155 shares in the last quarter. Coastal Investment Advisors Inc. grew its holdings in shares of Broadcom by 34.3% during the first quarter. Coastal Investment Advisors Inc. now owns 1,369 shares of the semiconductor manufacturer’s stock worth $862,000 after buying an additional 350 shares in the last quarter. Capital Investment Advisors LLC grew its holdings in shares of Broadcom by 8.0% in the first quarter. Capital Investment Advisors LLC now owns 5,407 shares of the semiconductor manufacturer’s stock valued at $3,404,000 after purchasing an additional 401 shares during the period. Ignite Planners LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $278,000. Finally, Weiss Multi Strategy Advisers LLC grew its holdings in shares of Broadcom by 50.7% in the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 9,044 shares of the semiconductor manufacturer’s stock valued at $6,018,000 after purchasing an additional 3,044 shares during the period. 81.53% of the stock is owned by institutional investors and hedge funds.
About Broadcom (Get Rating)
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.