Broadcom (NASDAQ:AVGO) Given Buy Rating at Citigroup

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reissued by analysts at Citigroup in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They presently have a $276.00 price target on the semiconductor manufacturer’s stock, up from their previous price target of $210.00. Citigroup’s price objective suggests a potential upside of 10.74% from the company’s current price.

AVGO has been the subject of a number of other research reports. Mizuho boosted their price objective on Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 28th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Bank of America lowered their price objective on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Truist Financial lifted their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Finally, William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $269.00.

Broadcom Stock Performance

AVGO stock traded down $10.69 during trading on Tuesday, hitting $249.24. The company had a trading volume of 23,862,915 shares, compared to its average volume of 30,890,268. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43. The firm has a market cap of $1.17 trillion, a PE ratio of 203.49, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average price of $202.16 and a 200-day moving average price of $205.65.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 EPS. On average, analysts expect that Broadcom will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has approved a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom in the first quarter worth $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom in the first quarter worth about $25,000. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter worth about $26,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth approximately $26,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.