Broadcom (AVGO) Upgraded by Charter Equity to “Buy”

Charter Equity upgraded shares of Broadcom (NASDAQ:AVGO) from a mkt perform rating to a buy rating in a research note issued to investors on Friday morning, MarketBeat reports.

AVGO has been the topic of several other research reports. Piper Jaffray Companies set a $293.00 target price on Broadcom and gave the company a buy rating in a research report on Tuesday, September 25th. Zacks Investment Research restated a hold rating on shares of Broadcom in a research report on Monday, November 12th. Mizuho restated a buy rating on shares of Broadcom in a research report on Friday, October 5th. JPMorgan Chase & Co. started coverage on Broadcom in a research report on Thursday, November 8th. They issued an overweight rating and a $325.00 target price on the stock. Finally, ValuEngine upgraded Broadcom from a sell rating to a hold rating in a research report on Saturday, November 10th. Nine investment analysts have rated the stock with a hold rating and thirty-four have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $288.33.

Shares of NASDAQ AVGO traded up $1.32 during midday trading on Friday, hitting $228.56. The stock had a trading volume of 7,836,613 shares, compared to its average volume of 2,909,609. The company has a market cap of $93.95 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.03. Broadcom has a 1 year low of $197.46 and a 1 year high of $274.26. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, beating the consensus estimate of $5.58 by $0.27. The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.40 billion. Broadcom had a return on equity of 28.32% and a net margin of 58.80%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $4.59 earnings per share. On average, equities research analysts anticipate that Broadcom will post 18.45 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th will be paid a $2.65 dividend. The ex-dividend date is Tuesday, December 18th. This is a boost from Broadcom’s previous quarterly dividend of $1.75. This represents a $10.60 dividend on an annualized basis and a dividend yield of 4.64%. Broadcom’s payout ratio is presently 37.17%.

In related news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, October 15th. The stock was sold at an average price of $231.03, for a total transaction of $4,620,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kirsten M. Spears sold 1,194 shares of the business’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock valued at $14,266,145 over the last ninety days. Insiders own 3.30% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Massey Quick Simon & CO. LLC acquired a new position in Broadcom during the 2nd quarter worth $104,000. MUFG Americas Holdings Corp acquired a new position in Broadcom during the 2nd quarter worth $109,000. Zions Bancorporation acquired a new position in Broadcom during the 2nd quarter worth $109,000. Avestar Capital LLC acquired a new position in Broadcom during the 2nd quarter worth $126,000. Finally, First Personal Financial Services purchased a new stake in Broadcom during the 2nd quarter worth about $126,000. 85.22% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: Price to Earnings Ratio (PE), For Valuing Stocks

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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