Broadcom’s (AVGO) Outperform Rating Reaffirmed at Cowen

Cowen restated their outperform rating on shares of Broadcom (NASDAQ:AVGO) in a research note published on Friday morning, Marketbeat reports. They currently have a $280.00 target price on the semiconductor manufacturer’s stock, up from their prior target price of $255.00.

Several other equities analysts have also recently weighed in on the stock. Charter Equity upgraded shares of Broadcom from a mkt perform rating to a buy rating in a research report on Friday. Credit Suisse Group reiterated a buy rating and set a $300.00 price objective on shares of Broadcom in a research report on Wednesday. Zacks Investment Research upgraded shares of Broadcom from a sell rating to a hold rating in a research report on Wednesday. BidaskClub lowered shares of Broadcom from a strong-buy rating to a buy rating in a research note on Tuesday. Finally, Deutsche Bank decreased their target price on shares of Broadcom from $310.00 to $300.00 and set a buy rating for the company in a research note on Monday, December 3rd. Nine research analysts have rated the stock with a hold rating and thirty-four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $288.33.

NASDAQ AVGO traded up $1.32 on Friday, hitting $228.56. 7,836,613 shares of the stock were exchanged, compared to its average volume of 2,909,609. Broadcom has a 52-week low of $197.46 and a 52-week high of $274.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. The stock has a market cap of $93.95 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.98 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, topping the consensus estimate of $5.58 by $0.27. Broadcom had a net margin of 58.80% and a return on equity of 28.32%. The firm had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the company posted $4.59 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, research analysts forecast that Broadcom will post 18.45 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th will be issued a dividend of $2.65 per share. This is an increase from Broadcom’s previous quarterly dividend of $1.75. The ex-dividend date is Tuesday, December 18th. This represents a $10.60 annualized dividend and a dividend yield of 4.64%. Broadcom’s payout ratio is presently 37.17%.

In other news, insider Kirsten M. Spears sold 1,194 shares of the business’s stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $231.03, for a total transaction of $4,620,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,194 shares of company stock worth $14,266,145. Insiders own 3.30% of the company’s stock.

Several large investors have recently bought and sold shares of AVGO. Massey Quick Simon & CO. LLC bought a new stake in Broadcom in the second quarter valued at about $104,000. Zions Bancorporation bought a new stake in Broadcom in the second quarter valued at about $109,000. MUFG Americas Holdings Corp bought a new stake in Broadcom in the second quarter valued at about $109,000. First Personal Financial Services acquired a new position in Broadcom in the second quarter valued at about $126,000. Finally, Patten Group Inc. boosted its position in Broadcom by 125.5% in the third quarter. Patten Group Inc. now owns 521 shares of the semiconductor manufacturer’s stock valued at $129,000 after buying an additional 290 shares in the last quarter. Institutional investors own 85.22% of the company’s stock.

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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