Broadcom (AVGO) Sets New 1-Year High at $280.39

Broadcom Inc (NASDAQ:AVGO) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $280.39 and last traded at $277.77, with a volume of 997709 shares. The stock had previously closed at $275.72.

AVGO has been the topic of several analyst reports. BidaskClub downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Saturday, October 27th. JPMorgan Chase & Co. initiated coverage on Broadcom in a report on Thursday, November 8th. They issued an “overweight” rating and a $325.00 price target for the company. initiated coverage on Broadcom in a report on Thursday, November 8th. They issued a “buy” rating and a $310.00 price target for the company. Deutsche Bank reiterated a “buy” rating and issued a $310.00 price target on shares of Broadcom in a report on Thursday, November 8th. Finally, ValuEngine upgraded Broadcom from a “sell” rating to a “hold” rating in a report on Saturday, November 10th. Nine research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company. Broadcom currently has a consensus rating of “Buy” and an average target price of $288.93.

The company has a quick ratio of 3.41, a current ratio of 3.90 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $111.73 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.24 and a beta of 0.72.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.58 by $0.27. The company had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.40 billion. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.59 EPS. On average, research analysts expect that Broadcom Inc will post 18.59 earnings per share for the current year.

In other news, Director Donald Macleod sold 5,223 shares of the company’s stock in a transaction on Monday, January 7th. The stock was sold at an average price of $233.65, for a total value of $1,220,353.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lewis C. Eggebrecht sold 2,000 shares of the company’s stock in a transaction on Friday, December 14th. The shares were sold at an average price of $260.81, for a total value of $521,620.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 99,723 shares of company stock valued at $24,926,174. Insiders own 3.30% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Lincoln National Corp raised its position in shares of Broadcom by 4.1% during the fourth quarter. Lincoln National Corp now owns 929 shares of the semiconductor manufacturer’s stock worth $236,000 after purchasing an additional 37 shares during the period. Quadrant Capital Group LLC raised its position in shares of Broadcom by 2.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,432 shares of the semiconductor manufacturer’s stock worth $346,000 after purchasing an additional 41 shares during the period. Signature Wealth Management Group raised its position in shares of Broadcom by 1.9% during the fourth quarter. Signature Wealth Management Group now owns 2,389 shares of the semiconductor manufacturer’s stock worth $607,000 after purchasing an additional 44 shares during the period. Capital City Trust Co. FL raised its position in shares of Broadcom by 1.0% during the fourth quarter. Capital City Trust Co. FL now owns 4,579 shares of the semiconductor manufacturer’s stock worth $1,164,000 after purchasing an additional 45 shares during the period. Finally, Navellier & Associates Inc raised its position in shares of Broadcom by 2.0% during the fourth quarter. Navellier & Associates Inc now owns 2,283 shares of the semiconductor manufacturer’s stock worth $581,000 after purchasing an additional 45 shares during the period. Institutional investors and hedge funds own 89.34% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by The Lincolnian Online and is the sole property of of The Lincolnian Online. If you are accessing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark and copyright legislation. The correct version of this piece can be viewed at https://www.thelincolnianonline.com/2019/02/12/broadcom-avgo-sets-new-1-year-high-at-280-39.html.

About Broadcom (NASDAQ:AVGO)

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: Bear Market – How and Why They Occur

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply