Broadcom (AVGO) Downgraded to Hold at ValuEngine

ValuEngine cut shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a research note published on Monday morning, ValuEngine reports.

AVGO has been the subject of several other reports. DA Davidson increased their target price on shares of Broadcom to $325.00 and gave the stock a buy rating in a report on Friday, March 15th. Jefferies Financial Group increased their target price on shares of Broadcom from $314.00 to $341.00 and gave the stock a buy rating in a report on Friday, March 15th. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. KeyCorp increased their target price on shares of Broadcom from $335.00 to $350.00 and gave the stock an overweight rating in a report on Friday, April 26th. Finally, Deutsche Bank increased their target price on shares of Broadcom from $300.00 to $330.00 and gave the stock a buy rating in a report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have given a buy rating to the company. Broadcom has a consensus rating of Buy and a consensus price target of $304.88.

Shares of NASDAQ:AVGO opened at $297.29 on Monday. Broadcom has a twelve month low of $197.46 and a twelve month high of $323.20. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $120.48 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.68.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.32 by $1.23. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The firm had revenue of $5.79 billion for the quarter, compared to analysts’ expectations of $5.83 billion. During the same quarter in the prior year, the business earned $5.12 EPS. The business’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, analysts expect that Broadcom will post 17.65 EPS for the current fiscal year.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $315.07, for a total value of $6,301,400.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 9,330 shares of Broadcom stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total value of $2,761,026.90. The disclosure for this sale can be found here. Insiders sold 87,824 shares of company stock worth $26,390,919 in the last quarter. 3.30% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. BTIM Corp. grew its stake in shares of Broadcom by 1.7% during the first quarter. BTIM Corp. now owns 1,883 shares of the semiconductor manufacturer’s stock worth $566,000 after acquiring an additional 32 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Broadcom by 9.1% during the first quarter. Parkside Financial Bank & Trust now owns 395 shares of the semiconductor manufacturer’s stock worth $119,000 after acquiring an additional 33 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Broadcom by 5.4% during the first quarter. Lindbrook Capital LLC now owns 662 shares of the semiconductor manufacturer’s stock worth $199,000 after acquiring an additional 34 shares during the last quarter. Lincoln National Corp grew its stake 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 acquiring an additional 37 shares during the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. grew its stake in shares of Broadcom by 1.4% during the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 2,948 shares of the semiconductor manufacturer’s stock worth $886,000 after acquiring an additional 40 shares during the last quarter. Institutional investors and hedge funds own 86.96% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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