Broadcom Inc (AVGO) Receives Consensus Recommendation of “Buy” from Analysts

Broadcom Inc (NASDAQ:AVGO) has received a consensus recommendation of “Buy” from the forty-one research firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and thirty-one have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $289.70.

AVGO has been the topic of a number of analyst reports. Jefferies Financial Group dropped their price objective on shares of Broadcom to $278.00 and set a “buy” rating on the stock in a report on Thursday, July 12th. Royal Bank of Canada cut shares of Broadcom from a “top pick” rating to an “outperform” rating and dropped their price objective for the stock from $330.00 to $300.00 in a report on Thursday, July 12th. Macquarie cut shares of Broadcom from an “outperform” rating to a “neutral” rating and set a $265.00 price objective on the stock. in a report on Thursday, July 12th. B. Riley cut shares of Broadcom from a “buy” rating to a “neutral” rating and lowered their target price for the company from $308.00 to $245.00 in a research note on Thursday, July 12th. Finally, Nomura lowered their target price on shares of Broadcom from $250.00 to $225.00 and set a “neutral” rating on the stock in a research note on Thursday, July 12th.

In other news, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $238.62, for a total transaction of $4,772,400.00. The disclosure for this sale can be found here. Insiders sold a total of 61,194 shares of company stock worth $13,785,345 in the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in AVGO. BlackRock Inc. acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $6,240,939,000. FMR LLC acquired a new position in shares of Broadcom in the second quarter worth about $2,768,560,000. Jennison Associates LLC acquired a new position in shares of Broadcom in the second quarter worth about $1,392,514,000. Northern Trust Corp acquired a new position in shares of Broadcom in the second quarter worth about $1,142,053,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Broadcom in the second quarter worth about $1,127,357,000. 88.09% of the stock is currently owned by institutional investors.

Shares of AVGO stock traded up $5.34 during trading hours on Thursday, reaching $239.74. The stock had a trading volume of 2,183,092 shares, compared to its average volume of 3,426,491. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64. Broadcom has a twelve month low of $197.46 and a twelve month high of $285.68. The stock has a market cap of $94.37 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter last year, the company earned $4.10 EPS. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities analysts forecast that Broadcom will post 18.09 EPS for the current fiscal year.

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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