Broadcom (AVGO) Given New $275.00 Price Target at UBS Group

Broadcom (NASDAQ:AVGO) had its price target reduced by UBS Group from $300.00 to $275.00 in a report issued on Friday morning, The Fly reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other research firms have also recently weighed in on AVGO. Mizuho reaffirmed a buy rating on shares of Broadcom in a report on Friday, October 5th. Piper Jaffray Companies set a $293.00 price objective on shares of Broadcom and gave the company a buy rating in a research note on Tuesday, September 25th. Deutsche Bank lowered their price objective on shares of Broadcom from $310.00 to $300.00 and set a buy rating on the stock in a research note on Monday, December 3rd. BidaskClub upgraded shares of Broadcom from a hold rating to a buy rating in a research note on Friday, September 21st. Finally, ValuEngine upgraded shares of Broadcom from a sell rating to a hold rating in a research note on Saturday, November 10th. Nine research analysts have rated the stock with a hold rating and thirty-four have given a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $288.33.

Shares of AVGO traded up $1.32 during mid-day trading on Friday, reaching $228.56. 7,836,613 shares of the company’s stock traded hands, compared to its average volume of 2,909,609. The stock has a market cap of $93.95 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.03. 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 12 month low of $197.46 and a 12 month high of $274.26.

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

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Wednesday, December 19th will be given a $2.65 dividend. This is a positive change 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 yield of 4.64%. Broadcom’s payout ratio is 37.17%.

In other Broadcom news, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction that occurred on 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $228.94, for a total transaction of $4,578,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,194 shares of company stock worth $14,266,145. 3.30% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Alps Advisors Inc. purchased a new position in Broadcom during the 2nd quarter worth approximately $643,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Broadcom during the 2nd quarter worth approximately $3,568,000. Integrated Investment Consultants LLC purchased a new position in Broadcom during the 2nd quarter worth approximately $203,000. Assetmark Inc. purchased a new position in Broadcom during the 2nd quarter worth approximately $241,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Broadcom during the 2nd quarter worth approximately $4,422,000. Hedge funds and other institutional investors own 85.22% of the company’s stock.

Broadcom Company Profile

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.

Further Reading: Hedge Funds – Risk or Reward?

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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