Broadcom (AVGO) Lifted to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Broadcom (NASDAQ:AVGO) from a buy rating to a strong-buy rating in a research report report published on Wednesday.

AVGO has been the topic of a number of other reports. MED began coverage on shares of Broadcom in a research note on Thursday, November 8th. They issued a buy rating and a $310.00 target price on the stock. ValuEngine downgraded shares of Broadcom from a sell rating to a strong sell rating in a research note on Thursday, August 2nd. Craig Hallum reaffirmed a buy rating and issued a $300.00 target price (down from $330.00) on shares of Broadcom in a research note on Friday, September 7th. MKM Partners lowered their target price on shares of Broadcom to $255.00 in a research note on Friday, September 7th. Finally, JPMorgan Chase & Co. began coverage on shares of Broadcom in a research note on Thursday, November 8th. They issued an overweight rating and a $325.00 target price on the stock. Ten research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $287.78.

Shares of AVGO opened at $237.41 on Wednesday. The company has a market capitalization of $97.48 billion, a P/E ratio of 16.60, a P/E/G ratio of 0.93 and a beta of 0.99. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. Broadcom has a 1-year low of $197.46 and a 1-year high of $278.35.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating analysts’ consensus estimates of $4.82 by $0.16. The business had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. Broadcom’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm posted $4.10 earnings per share. On average, analysts anticipate that Broadcom will post 18.09 EPS for the current fiscal year.

In other news, insider Kirsten M. Spears sold 1,194 shares of the firm’s 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 accessible through this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $228.94, for a total transaction of $4,578,800.00. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock worth $14,266,145 in the last 90 days. Company insiders own 3.30% of the company’s stock.

Several institutional investors have recently modified their holdings of AVGO. BlackRock Inc. bought a new position in shares of Broadcom in the second quarter worth approximately $6,240,939,000. Capital International Investors boosted its holdings in Broadcom by 504.1% in the third quarter. Capital International Investors now owns 27,509,769 shares of the semiconductor manufacturer’s stock valued at $6,787,485,000 after acquiring an additional 22,955,578 shares in the last quarter. FMR LLC bought a new stake in Broadcom in the second quarter valued at $2,768,560,000. Jennison Associates LLC bought a new stake in Broadcom in the second quarter valued at $1,392,514,000. Finally, Northern Trust Corp bought a new stake in Broadcom in the second quarter valued at $1,142,053,000. Hedge funds and other institutional investors own 85.12% of the company’s stock.

About Broadcom

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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