Broadcom (NASDAQ:AVGO) Downgraded by BidaskClub to “Hold”

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BidaskClub lowered shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a report released on Friday, September 20th, BidAskClub reports.

A number of other equities analysts have also recently issued reports on AVGO. Oppenheimer set a $315.00 target price on shares of Broadcom and gave the stock a buy rating in a research report on Friday, September 13th. SunTrust Banks lifted their price target on shares of Broadcom from $307.00 to $322.00 and gave the stock a buy rating in a report on Friday, September 13th. Daiwa Capital Markets downgraded shares of Broadcom from a buy rating to a neutral rating in a report on Thursday, August 15th. Citigroup lowered their price target on shares of Broadcom from $320.00 to $300.00 and set a buy rating for the company in a report on Friday, June 14th. Finally, Wells Fargo & Co lifted their price target on shares of Broadcom from $290.00 to $300.00 and gave the stock a market perform rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-nine have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $312.06.

Shares of NASDAQ AVGO traded up $6.46 during midday trading on Friday, hitting $280.91. The company had a trading volume of 1,944,071 shares, compared to its average volume of 2,633,349. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58. The firm has a market capitalization of $108.35 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 1.36 and a beta of 0.89. The business has a 50-day simple moving average of $281.89 and a two-hundred day simple moving average of $287.11. Broadcom has a twelve month low of $208.23 and a twelve month high of $323.20.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.98 EPS. On average, equities analysts forecast that Broadcom will post 16.97 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd were issued a dividend of $2.65 per share. The ex-dividend date was Friday, September 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.77%. Broadcom’s dividend payout ratio (DPR) is 56.29%.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $292.16, for a total transaction of $5,843,200.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold 60,000 shares of company stock worth $17,026,600 over the last three months. 3.30% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in AVGO. Pinnacle Bank grew its position in shares of Broadcom by 128.2% during the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 50 shares during the last quarter. Liberty Wealth Management LLC lifted its holdings in Broadcom by 62.5% in the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 35 shares during the last quarter. Advisors Preferred LLC acquired a new stake in Broadcom in the 2nd quarter valued at about $27,000. Ellis Investment Partners LLC lifted its holdings in Broadcom by 55.7% in the 3rd quarter. Ellis Investment Partners LLC now owns 123 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 44 shares during the last quarter. Finally, Doyle Wealth Management acquired a new stake in Broadcom in the 2nd quarter valued at about $42,000. Institutional investors and hedge funds own 84.86% 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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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