Broadcom (NASDAQ:AVGO) PT Raised to $330.00 at BMO Capital Markets

Broadcom (NASDAQ:AVGO) had its price target raised by BMO Capital Markets from $310.00 to $330.00 in a research report sent to investors on Friday, The Fly reports. BMO Capital Markets currently has a market perform rating on the semiconductor manufacturer’s stock.

A number of other brokerages have also recently commented on AVGO. KeyCorp raised their target price on Broadcom from $340.00 to $360.00 and gave the company an overweight rating in a report on Friday. Oppenheimer raised their target price on Broadcom from $315.00 to $350.00 and gave the company an outperform rating in a report on Wednesday. Rosenblatt Securities restated a buy rating and set a $370.00 target price on shares of Broadcom in a report on Friday. ValuEngine upgraded Broadcom from a sell rating to a hold rating in a report on Wednesday. Finally, JPMorgan Chase & Co. reiterated a buy rating and issued a $380.00 price objective on shares of Broadcom in a research note on Friday. Nine investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $328.00.

Broadcom stock traded down $12.38 during midday trading on Friday, reaching $315.42. 6,976,222 shares of the stock traded hands, compared to its average volume of 1,823,535. The company has a 50-day simple moving average of $309.26 and a two-hundred day simple moving average of $287.57. Broadcom has a 12-month low of $230.33 and a 12-month high of $330.16. The firm has a market cap of $126.82 billion, a PE ratio of 18.12, a price-to-earnings-growth ratio of 1.51 and a beta of 0.90. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 EPS for the quarter, beating analysts’ consensus estimates of $5.35 by $0.04. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The company had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.74 billion. During the same period last year, the business posted $5.85 EPS. Broadcom’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Broadcom will post 19.49 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be given a dividend of $3.25 per share. This represents a $13.00 annualized dividend and a dividend yield of 4.12%. This is a positive change from Broadcom’s previous quarterly dividend of $2.65. Broadcom’s dividend payout ratio (DPR) is 60.88%.

In other news, insider Mark David Brazeal sold 2,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $289.43, for a total transaction of $578,860.00. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $288.71, for a total value of $5,774,200.00. Insiders have sold a total of 62,000 shares of company stock worth $18,432,860 in the last three months. Corporate insiders own 3.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC increased its position in Broadcom by 17.7% during the second quarter. Fisher Asset Management LLC now owns 1,463 shares of the semiconductor manufacturer’s stock worth $421,000 after buying an additional 220 shares during the period. CWM LLC increased its position in Broadcom by 111.8% during the second quarter. CWM LLC now owns 2,351 shares of the semiconductor manufacturer’s stock worth $677,000 after buying an additional 1,241 shares during the period. Kornitzer Capital Management Inc. KS acquired a new position in Broadcom during the second quarter worth approximately $3,635,000. CIBC Private Wealth Group LLC increased its position in Broadcom by 13.9% during the second quarter. CIBC Private Wealth Group LLC now owns 13,803 shares of the semiconductor manufacturer’s stock worth $3,973,000 after buying an additional 1,688 shares during the period. Finally, Keybank National Association OH increased its position in Broadcom by 12.0% during the second quarter. Keybank National Association OH now owns 3,339 shares of the semiconductor manufacturer’s stock worth $961,000 after buying an additional 357 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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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