Broadcom (AVGO) Stock Rating Reaffirmed by Cowen

Broadcom (NASDAQ:AVGO)‘s stock had its “outperform” rating reaffirmed by analysts at Cowen in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. They currently have a $320.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $270.00. Cowen’s target price points to a potential upside of 21.26% from the stock’s previous close.

AVGO has been the topic of a number of other research reports. B. Riley increased their price target on Broadcom from $305.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. BMO Capital Markets started coverage on Broadcom in a report on Monday, November 20th. They issued an “outperform” rating and a $330.00 price objective on the stock. Loop Capital reiterated a “buy” rating and issued a $302.00 price objective on shares of Broadcom in a report on Friday, August 25th. SunTrust Banks restated a “buy” rating and set a $281.00 price target on shares of Broadcom in a research note on Thursday, October 12th. Finally, Morgan Stanley reissued a “buy” rating and issued a $290.00 price target on shares of Broadcom in a report on Friday, August 25th. Five research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $297.24.

Shares of Broadcom (AVGO) opened at $263.89 on Thursday. Broadcom has a 52-week low of $163.67 and a 52-week high of $285.68. The firm has a market capitalization of $106,747.80, a price-to-earnings ratio of 19.78, a PEG ratio of 1.26 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.84 and a current ratio of 4.48.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share for the quarter, topping the consensus estimate of $4.52 by $0.07. Broadcom had a return on equity of 26.82% and a net margin of 3.12%. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion. During the same period last year, the company earned $3.47 earnings per share. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. equities research analysts predict that Broadcom will post 13.93 EPS for the current year.

In other news, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $240.62, for a total value of $2,406,200.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thomas H. Krause sold 2,595 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $267.34, for a total value of $693,747.30. The disclosure for this sale can be found here. Insiders have sold 104,383 shares of company stock worth $25,949,184 over the last three months. Company insiders own 3.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. Janus Henderson Group PLC lifted its stake in shares of Broadcom by 80.3% in the third quarter. Janus Henderson Group PLC now owns 3,397,443 shares of the semiconductor manufacturer’s stock valued at $823,980,000 after buying an additional 1,512,956 shares during the period. Ameriprise Financial Inc. lifted its stake in Broadcom by 18.2% during the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after purchasing an additional 1,338,695 shares during the period. Jennison Associates LLC lifted its stake in Broadcom by 26.7% during the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock worth $1,245,855,000 after purchasing an additional 1,128,052 shares during the period. BlackRock Inc. lifted its stake in Broadcom by 3.5% during the second quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after purchasing an additional 798,982 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Broadcom by 3.0% during the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after purchasing an additional 793,335 shares during the period. Institutional investors and hedge funds own 88.99% of the company’s stock.

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About Broadcom

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.

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