Broadcom (NASDAQ:AVGO) Receives “Outperform” Rating from Cowen

Cowen reissued their outperform rating on shares of Broadcom (NASDAQ:AVGO) in a research report sent to investors on Thursday, December 7th, MarketBeat.com reports. They currently have a $320.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $270.00.

A number of other equities research analysts have also issued reports on the company. Deutsche Bank upped their target price on Broadcom from $275.00 to $295.00 and gave the company a buy rating in a research note on Friday, August 25th. Zacks Investment Research lowered Broadcom from a hold rating to a sell rating in a research note on Wednesday, October 25th. Sanford C. Bernstein reissued an outperform rating and set a $285.00 price target on shares of Broadcom in a research note on Tuesday, October 10th. KeyCorp reissued an overweight rating and set a $320.00 price target (up previously from $290.00) on shares of Broadcom in a research note on Monday, December 4th. Finally, Vetr lowered Broadcom from a buy rating to a hold rating and set a $261.95 price target on the stock. in a research note on Monday, September 4th. Four investment analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the company. Broadcom has a consensus rating of Buy and a consensus price target of $303.29.

Shares of Broadcom (NASDAQ AVGO) traded down $3.52 during mid-day trading on Thursday, reaching $256.90. The company had a trading volume of 1,796,263 shares, compared to its average volume of 3,249,494. The firm has a market cap of $106,606.19, a PE ratio of 60.31, a PEG ratio of 1.11 and a beta of 1.05. Broadcom has a 1 year low of $173.31 and a 1 year high of $285.68. The company has a debt-to-equity ratio of 0.75, a current ratio of 6.26 and a quick ratio of 5.80.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.52 by $0.07. Broadcom had a return on equity of 28.64% and a net margin of 10.18%. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter in the previous year, the firm posted $3.47 EPS. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. equities research analysts predict that Broadcom will post 16.99 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Tuesday, December 19th were paid a dividend of $1.75 per share. The ex-dividend date was Monday, December 18th. This is an increase from Broadcom’s previous quarterly dividend of $1.02. This represents a $7.00 annualized dividend and a dividend yield of 2.72%. Broadcom’s dividend payout ratio (DPR) is currently 164.32%.

In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $247.83, for a total transaction of $4,956,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas H. Krause sold 2,595 shares of the stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $267.34, for a total transaction of $693,747.30. The disclosure for this sale can be found here. Insiders have sold 86,674 shares of company stock worth $22,311,790 in the last ninety days. Corporate insiders own 3.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Broadcom by 3.0% during the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock valued at $6,423,271,000 after acquiring an additional 793,335 shares during the period. BlackRock Inc. grew its position in Broadcom by 3.5% in the second quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after buying an additional 798,982 shares during the last quarter. State Street Corp grew its position in Broadcom by 1.6% in the second quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock worth $3,742,946,000 after buying an additional 255,044 shares during the last quarter. Ameriprise Financial Inc. grew its position in Broadcom by 18.2% in the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after buying an additional 1,338,695 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Broadcom by 26.7% in the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock worth $1,245,855,000 after buying an additional 1,128,052 shares during the last quarter. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

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Broadcom Company Profile

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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