Broadcom (AVGO) Downgraded by ValuEngine

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Broadcom (NASDAQ:AVGO) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Monday, ValuEngine reports.

AVGO has been the topic of several other research reports. Mizuho upped their price objective on Broadcom from $295.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Deutsche Bank upped their price objective on Broadcom from $300.00 to $330.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Broadcom in a research report on Friday, March 15th. Craig Hallum increased their price target on Broadcom from $305.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a research report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-nine have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $303.41.

Broadcom stock traded down $10.58 during mid-day trading on Monday, hitting $293.38. The company’s stock had a trading volume of 3,786,300 shares, compared to its average volume of 2,736,419. The company has a market capitalization of $115.73 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.42 and a beta of 0.68. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 1.47. Broadcom has a one year low of $197.46 and a one year high of $323.20.

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

In related news, insider Kirsten M. Spears sold 4,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $306.31, for a total transaction of $1,225,240.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $291.27, for a total value of $5,825,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 87,824 shares of company stock valued at $26,390,919 over the last 90 days. 3.30% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BTIM Corp. raised its stake in Broadcom by 1.7% in the first quarter. BTIM Corp. now owns 1,883 shares of the semiconductor manufacturer’s stock valued at $566,000 after buying an additional 32 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Broadcom by 9.1% in the first quarter. Parkside Financial Bank & Trust now owns 395 shares of the semiconductor manufacturer’s stock valued at $119,000 after buying an additional 33 shares during the last quarter. Lindbrook Capital LLC raised its stake in Broadcom by 5.4% in the first quarter. Lindbrook Capital LLC now owns 662 shares of the semiconductor manufacturer’s stock valued at $199,000 after buying an additional 34 shares during the last quarter. Lincoln National Corp raised its stake in Broadcom by 4.1% in the fourth quarter. Lincoln National Corp now owns 929 shares of the semiconductor manufacturer’s stock valued at $236,000 after buying an additional 37 shares during the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. raised its stake in Broadcom by 1.4% in the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 2,948 shares of the semiconductor manufacturer’s stock valued at $886,000 after buying an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 86.99% 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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