Broadcom (NASDAQ:AVGO) had its price target trimmed by Bank of America from $300.00 to $285.00 in a report released on Tuesday morning. The firm currently has a buy rating on the semiconductor manufacturer’s stock.
Several other equities research analysts have also weighed in on AVGO. Sanford C. Bernstein set a $310.00 price objective on Broadcom and gave the company a buy rating in a research note on Tuesday. Canaccord Genuity reiterated a buy rating and issued a $325.00 price objective (down from $340.00) on shares of Broadcom in a research note on Tuesday. B. Riley lowered their price objective on Broadcom from $335.00 to $310.00 and set a buy rating on the stock in a research note on Tuesday. Robert W. Baird lowered their price objective on Broadcom from $315.00 to $290.00 and set an outperform rating on the stock in a research note on Tuesday. Finally, Piper Jaffray initiated coverage on Broadcom in a report on Wednesday, April 25th. They issued an overweight rating and a $293.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-four have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $309.21.
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AVGO stock opened at $230.52 on Tuesday. Broadcom has a 1-year low of $221.98 and a 1-year high of $285.68. The company has a market capitalization of $92,521.89, a PE ratio of 14.15, a P/E/G ratio of 1.08 and a beta of 0.95. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.04 and a current ratio of 5.70.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share for the quarter, beating the consensus estimate of $4.41 by $0.71. Broadcom had a return on equity of 29.50% and a net margin of 41.37%. The company had revenue of $5.33 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the company posted $3.63 EPS. The company’s revenue was up 28.5% compared to the same quarter last year. analysts forecast that Broadcom will post 16.82 earnings per share for the current year.
Broadcom declared that its board has authorized a share buyback plan on Thursday, April 12th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 12.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In related news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, April 16th. The shares were sold at an average price of $248.03, for a total value of $4,960,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lake Group L.L.C. Silver acquired 344,761 shares of the stock in a transaction that occurred on Friday, April 13th. The stock was purchased at an average price of $247.94 per share, with a total value of $85,480,042.34. The disclosure for this purchase can be found here. In the last three months, insiders sold 98,675 shares of company stock worth $25,032,829. 3.30% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Broadcom by 2.1% in the 4th quarter. BlackRock Inc. now owns 24,924,233 shares of the semiconductor manufacturer’s stock valued at $6,403,033,000 after buying an additional 508,470 shares in the last quarter. Jennison Associates LLC increased its position in shares of Broadcom by 8.1% in the 4th quarter. Jennison Associates LLC now owns 5,583,858 shares of the semiconductor manufacturer’s stock valued at $1,434,493,000 after buying an additional 418,420 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock valued at $1,061,670,000 after buying an additional 135,437 shares in the last quarter. Coatue Management LLC increased its position in shares of Broadcom by 28.2% in the 4th quarter. Coatue Management LLC now owns 3,735,957 shares of the semiconductor manufacturer’s stock valued at $959,768,000 after buying an additional 821,739 shares in the last quarter. Finally, Viking Global Investors LP increased its position in shares of Broadcom by 14.4% in the 4th quarter. Viking Global Investors LP now owns 2,466,836 shares of the semiconductor manufacturer’s stock valued at $633,730,000 after buying an additional 310,906 shares in the last quarter. Institutional investors and hedge funds own 89.53% of the company’s stock.
Broadcom Limited 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.