Mizuho Reiterates Buy Rating for Broadcom (NASDAQ:AVGO)

Posted by AM Reporter Staff on Mar 19th, 2023

Broadcom (NASDAQ:AVGO – Get Rating)‘s stock had its “buy” rating reissued by analysts at Mizuho in a report released on Friday, Benzinga reports. They currently have a $720.00 price objective on the semiconductor manufacturer’s stock. Mizuho’s price target points to a potential upside of 14.11% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Evercore ISI increased their price objective on shares of Broadcom to $650.00 in a research note on Monday, December 12th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Broadcom from $590.00 to $675.00 and gave the company a “buy” rating in a research note on Friday, March 3rd. Bank of America increased their price objective on shares of Broadcom from $680.00 to $725.00 in a research note on Friday, March 3rd. Cowen raised their price target on shares of Broadcom from $540.00 to $555.00 and gave the stock a “market perform” rating in a research report on Friday, December 9th. Finally, KeyCorp lifted their price target on shares of Broadcom from $700.00 to $720.00 and gave the company an “overweight” rating in a report on Friday, March 3rd. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $674.17.

Broadcom Price Performance

Shares of AVGO stock opened at $630.97 on Friday. The company has a market capitalization of $263.06 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 1.25 and a beta of 1.10. The firm has a fifty day simple moving average of $597.58 and a 200-day simple moving average of $536.05. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 1.64. Broadcom has a twelve month low of $415.07 and a twelve month high of $645.31.

Broadcom (NASDAQ:AVGO – Get Rating) last announced its earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, beating the consensus estimate of $9.38 by $0.95. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The business had revenue of $8.92 billion during the quarter, compared to the consensus estimate of $8.90 billion. During the same period in the prior year, the firm earned $7.68 earnings per share. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. Equities research analysts anticipate that Broadcom will post 38.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,175 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $625.01, for a total value of $1,984,406.75. Following the sale, the director now owns 9,734 shares in the company, valued at $6,083,847.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Fiduciary Alliance LLC acquired a new position in shares of Broadcom during the fourth quarter valued at approximately $26,000. Godsey & Gibb Inc. increased its stake in shares of Broadcom by 500.0% during the fourth quarter. Godsey & Gibb Inc. now owns 60 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 50 shares during the period. Johnson Midwest Financial LLC increased its stake in shares of Broadcom by 82.4% during the fourth quarter. Johnson Midwest Financial LLC now owns 62 shares of the semiconductor manufacturer’s stock valued at $35,000 after acquiring an additional 28 shares during the period. Coston McIsaac & Partners acquired a new position in shares of Broadcom during the second quarter valued at approximately $32,000. Finally, First Personal Financial Services increased its stake in shares of Broadcom by 126.7% during the third quarter. First Personal Financial Services now owns 68 shares of the semiconductor manufacturer’s stock valued at $30,000 after acquiring an additional 38 shares during the period. Institutional investors and hedge funds own 81.28% of the company’s stock.

About Broadcom

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.