Broadcom (NASDAQ:AVGO) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a research report released on Sunday morning.

A number of other equities research analysts have also recently commented on AVGO. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price on the stock in a research note on Tuesday, June 24th. Hsbc Global Res raised shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Oppenheimer raised their price target on shares of Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Finally, Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of “Buy” and a consensus target price of $295.96.

Broadcom Stock Down 1.6%

Broadcom stock opened at $306.34 on Friday. Broadcom has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm’s 50-day simple moving average is $278.27 and its 200 day simple moving average is $229.89. The stock has a market cap of $1.44 trillion, a PE ratio of 114.73, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $10.96 earnings per share. Research analysts predict that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom’s dividend payout ratio is presently 88.39%.

Insider Buying and Selling

In related news, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,286,457 in the last ninety days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

Institutional investors have recently made changes to their positions in the stock. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth about $25,000. Cheviot Value Management LLC purchased a new stake in Broadcom in the first quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new position in Broadcom during the first quarter valued at approximately $26,000. Sawyer & Company Inc raised its stake in shares of Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $27,000. Institutional investors own 76.43% of the company’s stock.

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.