SunTrust Banks Increases Broadcom (NASDAQ:AVGO) Price Target to $322.00

Broadcom (NASDAQ:AVGO) had its target price raised by SunTrust Banks from $307.00 to $322.00 in a research report released on Friday morning, BenzingaRatingsTable reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Other analysts have also recently issued reports about the company. Zacks Investment Research raised Broadcom from a sell rating to a hold rating and set a $279.00 price objective for the company in a report on Tuesday, June 18th. Barclays dropped their price objective on Broadcom from $360.00 to $315.00 and set an overweight rating for the company in a report on Friday, June 14th. Deutsche Bank dropped their price objective on Broadcom from $330.00 to $315.00 and set a buy rating for the company in a report on Friday, June 14th. DA Davidson dropped their price objective on Broadcom to $300.00 and set a buy rating for the company in a report on Friday, June 14th. Finally, Craig Hallum reissued a buy rating and set a $315.00 price objective (down from $325.00) on shares of Broadcom in a report on Friday, June 14th. Ten equities research analysts have rated the stock with a hold rating and thirty have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $311.71.

Shares of NASDAQ:AVGO opened at $288.66 on Friday. The stock has a market capitalization of $119.65 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.47 and a beta of 0.88. Broadcom has a 1-year low of $208.23 and a 1-year high of $323.20. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. The business has a 50-day moving average price of $282.27 and a two-hundred day moving average price of $287.04.



Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.10 by ($0.11). The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.52 billion. Broadcom had a return on equity of 33.21% and a net margin of 13.44%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.98 earnings per share. As a group, equities analysts predict that Broadcom will post 17.23 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be given a dividend of $2.65 per share. The ex-dividend date is Friday, September 20th. This represents a $10.60 annualized dividend and a dividend yield of 3.67%. Broadcom’s payout ratio is currently 56.29%.

In related news, SVP Bryan Ingram sold 11,922 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total value of $3,321,230.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $292.16, for a total value of $5,843,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock valued at $18,327,682 over the last 90 days. Corporate insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Endurance Wealth Management Inc. grew its position in shares of Broadcom by 8.4% in the 2nd quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock valued at $2,181,000 after purchasing an additional 585 shares during the period. Parsons Capital Management Inc. RI boosted its position in Broadcom by 13.2% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock worth $474,000 after acquiring an additional 192 shares during the last quarter. 9258 Wealth Management LLC boosted its position in Broadcom by 5.8% during the 2nd quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock worth $449,000 after acquiring an additional 85 shares during the last quarter. Cookson Peirce & Co. Inc. boosted its position in Broadcom by 63.0% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock worth $17,511,000 after acquiring an additional 23,514 shares during the last quarter. Finally, Advisors Capital Management LLC boosted its position in Broadcom by 47.9% during the 2nd quarter. Advisors Capital Management LLC now owns 186,166 shares of the semiconductor manufacturer’s stock worth $53,590,000 after acquiring an additional 60,275 shares during the last quarter. Institutional investors and hedge funds own 84.57% 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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