Equities researchers at MED started coverage on shares of Broadcom (NASDAQ:AVGO) in a report released on Thursday, The Fly reports. The firm set a “buy” rating and a $310.00 price target on the semiconductor manufacturer’s stock. MED’s price target would suggest a potential upside of 29.71% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Goldman Sachs Group downgraded shares of Broadcom from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $300.00 to $220.00 in a research report on Wednesday, July 18th. ValuEngine downgraded shares of Broadcom from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. Mizuho reissued a “buy” rating and set a $280.00 price objective on shares of Broadcom in a research report on Friday, September 7th. Bank of America raised shares of Broadcom from a “neutral” rating to a “buy” rating in a research report on Friday, September 7th. Finally, MKM Partners cut their price objective on shares of Broadcom to $255.00 in a research report on Friday, September 7th. Eight equities research analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and a consensus target price of $290.97.

NASDAQ:AVGO opened at $238.99 on Thursday. The stock has a market capitalization of $96.91 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 0.95 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 $285.68.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. The firm 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%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.10 EPS. On average, analysts forecast that Broadcom will post 18.09 EPS for the current fiscal year.

In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $204.90, for a total value of $4,098,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of the stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Insiders have sold a total of 61,194 shares of company stock worth $13,785,345 in the last 90 days. Company insiders own 3.30% of the company’s stock.

Several large investors have recently modified their holdings of AVGO. BlackRock Inc. bought a new position in shares of Broadcom in the 2nd quarter worth approximately $6,240,939,000. FMR LLC bought a new position in shares of Broadcom in the 2nd quarter worth approximately $2,768,560,000. Jennison Associates LLC bought a new position in shares of Broadcom in the 2nd quarter worth approximately $1,392,514,000. Northern Trust Corp bought a new position in shares of Broadcom in the 2nd quarter worth approximately $1,142,053,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Broadcom in the 2nd quarter worth approximately $1,127,357,000. Hedge funds and other institutional investors own 88.09% of the company’s stock.

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.

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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