Broadcom Inc (NASDAQ:AVGO) Given Consensus Rating of “Buy” by Brokerages
Shares of Broadcom Inc (NASDAQ:AVGO) have been given a consensus rating of “Buy” by the thirty-seven brokerages that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, five have given a hold recommendation, twenty-seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $337.68.
AVGO has been the topic of a number of recent research reports. Charter Equity upgraded Broadcom from a “market perform” rating to an “outperform” rating in a research report on Sunday, April 19th. Daiwa Capital Markets upgraded Broadcom from a “neutral” rating to an “outperform” rating and set a $215.00 price objective on the stock in a research report on Wednesday, March 18th. Bank of America upped their price objective on Broadcom from $305.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Citigroup upped their price objective on Broadcom from $303.00 to $360.00 and gave the company a “buy” rating in a research report on Friday, June 5th. They noted that the move was a valuation call. Finally, Credit Suisse Group initiated coverage on Broadcom in a research note on Monday, June 15th. They set an “outperform” rating and a $400.00 target price on the stock.
In other Broadcom news, CEO Hock E. Tan sold 57,171 shares of Broadcom stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $313.81, for a total transaction of $17,940,831.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 2,000 shares of Broadcom stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $257.25, for a total value of $514,500.00. The disclosure for this sale can be found here. Insiders sold a total of 250,411 shares of company stock valued at $78,280,448 in the last 90 days. 3.30% of the stock is currently owned by company insiders.
NASDAQ:AVGO traded up $2.74 during mid-day trading on Tuesday, hitting $315.47. 1,666,557 shares of the company traded hands, compared to its average volume of 2,836,852. The firm has a market cap of $126.88 billion, a price-to-earnings ratio of 56.43, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90. The company has a quick ratio of 2.01, a current ratio of 2.15 and a debt-to-equity ratio of 1.88. The stock’s fifty day moving average price is $296.92 and its 200-day moving average price is $285.19. Broadcom has a one year low of $155.67 and a one year high of $331.58.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 4th. The semiconductor manufacturer reported $5.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $5.14. The firm had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.69 billion. Broadcom had a return on equity of 32.00% and a net margin of 10.97%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.21 earnings per share. Equities analysts predict that Broadcom will post 17.47 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a dividend of $3.25 per share. The ex-dividend date of this dividend was Friday, June 19th. This represents a $13.00 annualized dividend and a dividend yield of 4.12%. Broadcom’s dividend payout ratio is presently 74.67%.
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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