Broadcom (AVGO) Downgraded by ValuEngine to “Hold”

ValuEngine lowered shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a research note released on Friday.

AVGO has been the subject of several other research reports. B. Riley lifted their price target on Broadcom from $305.00 to $315.00 and gave the company a buy rating in a research note on Thursday, November 2nd. BMO Capital Markets assumed coverage on Broadcom in a research note on Monday, November 20th. They issued an outperform rating and a $330.00 price target for the company. Loop Capital restated a buy rating and issued a $302.00 price target on shares of Broadcom in a research note on Friday, August 25th. SunTrust Banks reiterated a buy rating and issued a $281.00 price objective on shares of Broadcom in a report on Thursday, October 12th. Finally, Morgan Stanley reiterated a buy rating and issued a $290.00 price objective on shares of Broadcom in a report on Friday, August 25th. Five equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $290.42.

Broadcom (AVGO) opened at $263.61 on Friday. The company has a quick ratio of 3.84, a current ratio of 4.48 and a debt-to-equity ratio of 0.60. Broadcom has a 52 week low of $162.40 and a 52 week high of $285.68. The firm has a market capitalization of $107,550.00, a PE ratio of 20.53, a P/E/G ratio of 1.30 and a beta of 1.05.

In related news, SVP Charlie B. Kawwas sold 1,788 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $247.28, for a total value of $442,136.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Bryan Ingram sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $240.62, for a total value of $2,406,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 104,383 shares of company stock worth $25,949,184. Insiders own 3.60% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Broadcom by 3.0% in the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock valued at $6,423,271,000 after acquiring an additional 793,335 shares during the last quarter. BlackRock Inc. lifted its holdings in Broadcom by 3.5% in the second quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock valued at $5,577,099,000 after acquiring an additional 798,982 shares during the last quarter. State Street Corp lifted its holdings in Broadcom by 1.6% in the second quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock valued at $3,742,946,000 after acquiring an additional 255,044 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Broadcom by 18.2% in the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock valued at $2,028,442,000 after acquiring an additional 1,338,695 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in Broadcom by 26.7% in the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock valued at $1,245,855,000 after acquiring an additional 1,128,052 shares during the last quarter. 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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