Broadcom (AVGO) Now Covered by Analysts at Credit Suisse Group

Credit Suisse Group initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a research note released on Wednesday. The brokerage issued an outperform rating and a $335.00 price objective on the semiconductor manufacturer’s stock.

Other equities analysts also recently issued reports about the stock. Cowen reissued a buy rating and set a $260.00 target price on shares of Broadcom in a research report on Friday, August 11th. B. Riley restated a buy rating and set a $305.00 price target on shares of Broadcom in a report on Saturday, August 26th. Craig Hallum restated a buy rating on shares of Broadcom in a report on Wednesday, September 13th. Robert W. Baird restated an outperform rating and set a $290.00 price target (up from $260.00) on shares of Broadcom in a report on Friday, August 25th. Finally, J P Morgan Chase & Co restated a buy rating and set a $315.00 price target on shares of Broadcom in a report on Tuesday, September 12th. Five investment analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $298.73.

Broadcom (NASDAQ:AVGO) traded up $2.24 during trading on Wednesday, reaching $263.89. 4,875,100 shares of the company’s stock traded hands, compared to its average volume of 2,777,329. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.48 and a quick ratio of 3.84. The firm has a market capitalization of $106,747.80, a P/E ratio of 19.78, a price-to-earnings-growth ratio of 1.26 and a beta of 1.05. Broadcom has a 52-week low of $163.67 and a 52-week high of $285.68.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.52 by $0.07. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a net margin of 3.12% and a return on equity of 26.82%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.47 earnings per share. equities research analysts forecast that Broadcom will post 13.93 EPS for the current year.

In other Broadcom news, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $244.01, for a total value of $7,320,300.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $246.48, for a total transaction of $4,929,600.00. The disclosure for this sale can be found here. In the last three months, insiders sold 104,383 shares of company stock valued at $25,949,184. 3.60% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC boosted its position in shares of Broadcom by 80.3% during the third quarter. Janus Henderson Group PLC now owns 3,397,443 shares of the semiconductor manufacturer’s stock worth $823,980,000 after purchasing an additional 1,512,956 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Broadcom by 18.2% during the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after purchasing an additional 1,338,695 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Broadcom by 26.7% during the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock worth $1,245,855,000 after purchasing an additional 1,128,052 shares in the last quarter. BlackRock Inc. boosted its position in shares of Broadcom by 3.5% during the second quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after purchasing an additional 798,982 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Broadcom by 3.0% during the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after purchasing an additional 793,335 shares in the last quarter. 88.99% of the stock is currently owned by hedge funds and other institutional investors.

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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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