Broadcom (AVGO) Given a $293.00 Price Target at Piper Jaffray Companies

Piper Jaffray Companies set a $293.00 target price on Broadcom (NASDAQ:AVGO) in a research report report published on Tuesday. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

Other equities research analysts have also recently issued research reports about the company. Longbow Research cut Broadcom from a buy rating to a neutral rating in a report on Thursday, July 12th. BidaskClub cut Broadcom from a strong-buy rating to a buy rating in a report on Thursday, June 28th. B. Riley lowered shares of Broadcom from a buy rating to a neutral rating and lowered their price objective for the company from $308.00 to $245.00 in a research note on Thursday, July 12th. BMO Capital Markets lowered shares of Broadcom from an outperform rating to a market perform rating and set a $230.00 price objective on the stock. in a research note on Friday, July 13th. Finally, Goldman Sachs Group lowered shares of Broadcom from a buy rating to a neutral rating and lowered their price objective for the company from $300.00 to $220.00 in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirty-one have given a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $290.77.

Shares of NASDAQ AVGO opened at $247.65 on Tuesday. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. Broadcom has a 52-week low of $197.46 and a 52-week high of $285.68. The stock has a market capitalization of $103.13 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 1.04 and a beta of 0.94.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. The company had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.10 earnings per share. analysts anticipate that Broadcom will post 18.09 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Wednesday, September 19th will be paid a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Tuesday, September 18th. Broadcom’s payout ratio is presently 48.95%.

In related news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Monday, July 16th. The shares were sold at an average price of $202.08, for a total value of $4,041,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 80,000 shares of company stock valued at $17,824,400. 3.30% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in AVGO. Massey Quick Simon & CO. LLC bought a new position in Broadcom in the 2nd quarter worth $104,000. Zions Bancorporation bought a new position in Broadcom in the 2nd quarter worth $109,000. MUFG Americas Holdings Corp bought a new position in Broadcom in the 2nd quarter worth $109,000. MUFG Securities EMEA plc bought a new position in Broadcom in the 2nd quarter worth $117,000. Finally, First Personal Financial Services bought a new position in Broadcom in the 2nd quarter worth $126,000. 88.01% of the stock is owned by institutional investors and hedge funds.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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