Broadcom (NASDAQ:AVGO) PT Set at $350.00 by Jefferies Financial Group

Jefferies Financial Group set a $350.00 price objective on Broadcom (NASDAQ:AVGO) in a research note published on Friday morning, The Fly reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of several other reports. BMO Capital Markets reduced their price objective on Broadcom from $270.00 to $260.00 and set a market perform rating on the stock in a research note on Friday, June 14th. Summit Redstone upgraded Broadcom to a buy rating in a research note on Friday, June 14th. Susquehanna Bancshares set a $315.00 price objective on Broadcom and gave the company a buy rating in a research note on Tuesday, September 10th. Deutsche Bank reduced their price objective on Broadcom from $330.00 to $315.00 and set a buy rating on the stock in a research note on Friday, June 14th. Finally, Craig Hallum reiterated a buy rating and issued a $315.00 price objective (down from $325.00) on shares of Broadcom in a research note on Friday, June 14th. Ten analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. The company presently has an average rating of Buy and an average price target of $311.71.

Shares of NASDAQ AVGO opened at $288.66 on Friday. The stock has a market cap of $119.65 billion, a P/E ratio of 15.33, a PEG ratio of 1.47 and a beta of 0.88. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. Broadcom has a 12-month low of $208.23 and a 12-month high of $323.20. The business’s fifty day simple moving average is $282.27 and its 200-day simple moving average is $287.04.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.11). The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 33.21%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.98 earnings per share. On average, equities analysts forecast that Broadcom will post 17.23 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be issued a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Friday, September 20th. Broadcom’s payout ratio is 56.29%.

In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total transaction of $3,321,230.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $270.46, for a total value of $5,409,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,388 shares of company stock worth $18,327,682. Corporate insiders own 3.30% of the company’s stock.

Several hedge funds have recently modified their holdings of AVGO. Nuveen Asset Management LLC grew its holdings in shares of Broadcom by 2,421.3% during the second quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock worth $981,806,000 after purchasing an additional 3,275,431 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Broadcom by 1,808.4% during the second quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock worth $223,805,000 after purchasing an additional 736,741 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.8% during the second quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock worth $9,153,324,000 after purchasing an additional 559,961 shares during the last quarter. Thoroughbred Financial Services LLC grew its holdings in shares of Broadcom by 40,641.1% during the second quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock worth $51,497,000 after purchasing an additional 513,703 shares during the last quarter. Finally, Natixis grew its holdings in shares of Broadcom by 840.6% during the second quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock worth $126,871,000 after purchasing an additional 393,880 shares during the last quarter. 84.57% of the stock is currently owned by 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.

Further Reading: Why does a company issue an IPO?

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