Broadcom (NASDAQ:AVGO) Downgraded to “Hold” at BidaskClub

BidaskClub lowered shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a report released on Friday morning, BidAskClub reports.

Other research analysts have also issued reports about the stock. Citigroup reduced their target price on shares of Broadcom from $320.00 to $300.00 and set a buy rating on the stock in a report on Friday, June 14th. ValuEngine lowered shares of Broadcom from a buy rating to a hold rating in a report on Thursday, August 1st. Mizuho restated a buy rating and issued a $340.00 target price (up from $330.00) on shares of Broadcom in a report on Friday, September 13th. Summit Redstone upgraded shares of Broadcom to a buy rating in a report on Friday, June 14th. Finally, Loop Capital lowered shares of Broadcom from a buy rating to a hold rating in a report on Friday, September 13th. Eleven investment analysts have rated the stock with a hold rating and twenty-eight have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $312.06.

Broadcom stock opened at $284.26 on Friday. Broadcom has a 52 week low of $208.23 and a 52 week high of $323.20. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58. The firm’s 50-day simple moving average is $281.29 and its 200 day simple moving average is $287.32. The firm has a market capitalization of $115.29 billion, a PE ratio of 15.10, a P/E/G ratio of 1.45 and a beta of 0.88.



Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. Broadcom’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the company posted $4.98 earnings per share. On average, research analysts expect that Broadcom will post 16.97 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be paid a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Friday, September 20th. Broadcom’s dividend payout ratio is currently 56.29%.

In related news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $288.71, for a total transaction of $5,774,200.00. Also, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,922 shares of company stock valued at $20,347,831. Corporate insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Endurance Wealth Management Inc. increased its position in Broadcom by 8.4% during the 2nd quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock worth $2,181,000 after purchasing an additional 585 shares in the last quarter. Parsons Capital Management Inc. RI increased 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 purchasing an additional 192 shares in the last quarter. 9258 Wealth Management LLC increased 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 purchasing an additional 85 shares in the last quarter. Cookson Peirce & Co. Inc. increased 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 purchasing an additional 23,514 shares in the last quarter. Finally, Advisors Capital Management LLC increased 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 purchasing an additional 60,275 shares in the last quarter. 84.57% of the stock is owned by hedge funds and other institutional investors.

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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