Broadcom (AVGO) Hits New 52-Week High Following Analyst Upgrade

Broadcom Inc (NASDAQ:AVGO) shares reached a new 52-week high during mid-day trading on Monday after Mizuho raised their price target on the stock from $305.00 to $335.00. Mizuho currently has a buy rating on the stock. Broadcom traded as high as $317.52 and last traded at $315.16, with a volume of 57126 shares changing hands. The stock had previously closed at $317.03.

AVGO has been the topic of several other reports. Deutsche Bank upped their target price on Broadcom from $300.00 to $330.00 and gave the company a “buy” rating in a report on Friday, March 15th. Wells Fargo & Co restated a “hold” rating on shares of Broadcom in a report on Friday, March 15th. Craig Hallum increased their price target on Broadcom from $305.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, March 15th. BidaskClub upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Tuesday, March 26th. Finally, SunTrust Banks increased their price target on Broadcom to $339.00 and gave the stock a “buy” rating in a report on Friday, March 15th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and thirty-two have given a buy rating to the company. Broadcom currently has an average rating of “Buy” and an average price target of $301.99.

In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Tuesday, January 15th. The stock was sold at an average price of $254.99, for a total value of $5,099,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas H. Krause sold 14,494 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $295.45, for a total value of $4,282,252.30. The disclosure for this sale can be found here. Insiders have sold 87,824 shares of company stock worth $25,189,319 over the last ninety days. 3.30% of the stock is owned by insiders.



Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lincoln National Corp increased its position in shares of Broadcom by 4.1% during the 4th quarter. Lincoln National Corp now owns 929 shares of the semiconductor manufacturer’s stock valued at $236,000 after purchasing an additional 37 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its position in shares of Broadcom by 1.4% during the 1st quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 2,948 shares of the semiconductor manufacturer’s stock valued at $886,000 after purchasing an additional 40 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Broadcom by 2.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,432 shares of the semiconductor manufacturer’s stock valued at $346,000 after purchasing an additional 41 shares during the last quarter. Intl Fcstone Inc. increased its position in shares of Broadcom by 3.7% during the 1st quarter. Intl Fcstone Inc. now owns 1,167 shares of the semiconductor manufacturer’s stock valued at $351,000 after purchasing an additional 42 shares during the last quarter. Finally, Signature Wealth Management Group increased its position in shares of Broadcom by 1.9% during the 4th quarter. Signature Wealth Management Group now owns 2,389 shares of the semiconductor manufacturer’s stock valued at $607,000 after purchasing an additional 44 shares during the last quarter. 86.93% of the stock is owned by institutional investors and hedge funds.

The stock has a market cap of $122.48 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.44 and a beta of 0.68. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 1.47.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.32 by $1.23. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The firm had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.83 billion. During the same period last year, the firm posted $5.12 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc will post 17.65 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a dividend of $2.65 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $10.60 annualized dividend and a dividend yield of 3.36%. Broadcom’s payout ratio is 56.29%.

TRADEMARK VIOLATION WARNING: This story was originally posted by Dakota Financial News and is the sole property of of Dakota Financial News. If you are reading this story on another website, it was illegally copied and reposted in violation of US and international copyright and trademark laws. The original version of this story can be read at https://dakotafinancialnews.com/2019/04/15/broadcom-avgo-hits-new-52-week-high-following-analyst-upgrade.html.

Broadcom Company Profile (NASDAQ:AVGO)

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.

Featured Story: Discount Rate

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.