Broadcom’s (AVGO) Buy Rating Reaffirmed at Oppenheimer

Oppenheimer reiterated their buy rating on shares of Broadcom (NASDAQ:AVGO) in a report released on Friday morning.

Several other research firms also recently weighed in on AVGO. Vetr downgraded Broadcom from a buy rating to a hold rating and set a $290.34 price objective for the company. in a report on Monday, November 27th. Zacks Investment Research raised Broadcom from a sell rating to a hold rating and set a $316.00 price objective for the company in a report on Monday, November 27th. Mizuho reissued a buy rating and issued a $290.00 price objective on shares of Broadcom in a report on Monday, November 6th. Drexel Hamilton reissued a buy rating and issued a $302.00 price objective on shares of Broadcom in a report on Monday, November 6th. Finally, B. Riley reissued a buy rating and issued a $315.00 price objective on shares of Broadcom in a report on Monday, November 20th. Four analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $303.29.

Shares of Broadcom (AVGO) opened at $264.39 on Friday. The firm has a market capitalization of $108,412.27, a P/E ratio of 18.45, a PEG ratio of 1.14 and a beta of 1.05. Broadcom has a fifty-two week low of $173.31 and a fifty-two week high of $285.68. The company has a quick ratio of 5.80, a current ratio of 6.39 and a debt-to-equity ratio of 0.75.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.52 by $0.07. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a return on equity of 28.61% and a net margin of 10.18%. The company’s revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.47 earnings per share. sell-side analysts predict that Broadcom will post 16.99 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Tuesday, December 19th will be given a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend is Monday, December 18th. This is a boost from Broadcom’s previous quarterly dividend of $1.02. Broadcom’s dividend payout ratio (DPR) is currently 95.77%.

In related news, CFO Thomas H. Krause sold 2,595 shares of Broadcom stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $267.34, for a total transaction of $693,747.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $247.83, for a total value of $4,956,600.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 53,389 shares of company stock valued at $13,462,476. 3.60% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of AVGO. Janus Henderson Group PLC increased its position in Broadcom by 80.3% during the 3rd 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 stake in Broadcom by 18.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after buying an additional 1,338,695 shares during the last quarter. Jennison Associates LLC boosted its stake in Broadcom by 26.7% in the 2nd quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock worth $1,245,855,000 after buying an additional 1,128,052 shares during the last quarter. BlackRock Inc. boosted its stake in Broadcom by 3.5% in the 2nd quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after buying an additional 798,982 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Broadcom by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after buying an additional 793,335 shares during the last quarter. Hedge funds and other institutional investors own 88.98% 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.

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