Broadcom (AVGO) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of Broadcom (NASDAQ:AVGO) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Several other equities analysts have also recently issued reports on AVGO. ValuEngine cut Broadcom from a sell rating to a strong sell rating in a research report on Thursday, August 2nd. Raymond James cut Broadcom from an outperform rating to a market perform rating in a research report on Friday, July 13th. Bank of America lifted their price target on Broadcom from $285.00 to $300.00 and gave the company a buy rating in a research report on Friday, June 8th. Citigroup lifted their price target on Broadcom from $275.00 to $300.00 and gave the company a buy rating in a research report on Friday, June 8th. Finally, Cowen lowered their price target on Broadcom from $300.00 to $245.00 and set an outperform rating on the stock in a research report on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-seven have given a buy rating to the company’s stock. Broadcom presently has a consensus rating of Buy and an average price target of $290.77.

Broadcom traded down $4.35, hitting $212.23, during mid-day trading on Friday, MarketBeat reports. 3,697,222 shares of the company’s stock traded hands, compared to its average volume of 6,735,384. The company has a debt-to-equity ratio of 0.55, a current ratio of 5.87 and a quick ratio of 5.29. The company has a market capitalization of $93.49 billion, a P/E ratio of 14.84, a PEG ratio of 0.98 and a beta of 0.93. Broadcom has a one year low of $197.46 and a one year high of $285.68.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.83. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5 billion. During the same quarter in the previous year, the business earned $3.69 EPS. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. research analysts expect that Broadcom will post 17.48 earnings per share for the current fiscal year.

In other news, SVP Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $250.37, for a total value of $2,503,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Bryan Ingram sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $261.84, for a total value of $5,236,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 120,604 shares of company stock valued at $29,977,792. 3.30% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of AVGO. Glenview Trust Co acquired a new stake in Broadcom during the second quarter valued at $580,000. Liberty Mutual Group Asset Management Inc. acquired a new stake in Broadcom during the second quarter valued at $3,984,000. Midwest Professional Planners LTD. acquired a new stake in Broadcom during the second quarter valued at $157,000. KCM Investment Advisors LLC boosted its position in Broadcom by 17.2% during the second quarter. KCM Investment Advisors LLC now owns 2,600 shares of the semiconductor manufacturer’s stock valued at $631,000 after purchasing an additional 381 shares during the last quarter. Finally, Dai Ichi Life Insurance Company Ltd acquired a new stake in Broadcom during the second quarter valued at $10,968,000. 82.68% of the stock is 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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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