Broadcom (NASDAQ:AVGO) Stock Rating Upgraded by Wall Street Zen

Broadcom (NASDAQ:AVGO) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Other equities research analysts have also issued reports about the company. Oppenheimer boosted their target price on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Cowen restated a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. Finally, HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $281.46.

Broadcom Stock Up 1.8%

NASDAQ:AVGO opened at $274.87 on Friday. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. Broadcom has a 1-year low of $128.50 and a 1-year high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business’s fifty day moving average price is $238.77 and its 200 day moving average price is $217.22.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.96 earnings per share. On average, sell-side analysts forecast that Broadcom will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of hedge funds have recently modified their holdings of AVGO. Trinity Financial Advisors LLC acquired a new stake in shares of Broadcom during the second quarter worth $3,107,000. Arvest Investments Inc. acquired a new position in shares of Broadcom during the 2nd quarter worth approximately $1,464,000. TrueWealth Advisors LLC raised its holdings in shares of Broadcom by 5.4% in the 2nd quarter. TrueWealth Advisors LLC now owns 2,110 shares of the semiconductor manufacturer’s stock valued at $582,000 after purchasing an additional 109 shares during the period. McLean Asset Management Corp lifted its holdings in Broadcom by 9.6% during the 2nd quarter. McLean Asset Management Corp now owns 3,013 shares of the semiconductor manufacturer’s stock valued at $813,000 after purchasing an additional 265 shares during the last quarter. Finally, Trust Co of the South grew its stake in Broadcom by 1.6% in the 2nd quarter. Trust Co of the South now owns 4,082 shares of the semiconductor manufacturer’s stock valued at $1,125,000 after buying an additional 66 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.