Erste Group Bank Upgrades Broadcom (NASDAQ:AVGO) to Buy

Broadcom (NASDAQ:AVGO) was upgraded by equities researchers at Erste Group Bank from a “hold” rating to a “buy” rating in a report released on Thursday,Briefing.com Automated Import reports.

Several other research firms have also recently issued reports on AVGO. Susquehanna boosted their target price on Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday, May 29th. Bank of America reduced their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Truist Financial raised their price target on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Finally, Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $246.00.

Broadcom Price Performance

Shares of AVGO opened at $261.08 on Thursday. The firm has a fifty day moving average price of $200.31 and a 200 day moving average price of $205.00. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market cap of $1.23 trillion, a PE ratio of 212.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

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

Insider Transactions at Broadcom

In related news, 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 completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 over the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of large investors have recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after acquiring an additional 18,845 shares during the last quarter. Nebula Research & Development LLC boosted its stake in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after acquiring an additional 14,399 shares during the last quarter. Kovack Advisors Inc. boosted its stake in Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock valued at $7,971,000 after acquiring an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. boosted its stake in Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock valued at $245,000 after acquiring an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC lifted its position in shares of Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock worth $21,660,000 after buying an additional 86,884 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

About Broadcom

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.