Mizuho Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its price objective upped by analysts at Mizuho from $310.00 to $315.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the semiconductor manufacturer’s stock. Mizuho’s target price points to a potential upside of 14.60% from the stock’s current price.

AVGO has been the topic of a number of other research reports. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a report on Sunday, June 15th. UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Bank of America lifted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Finally, Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $281.46.

Broadcom Price Performance

Shares of AVGO opened at $274.87 on Thursday. 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 company’s fifty day simple moving average is $238.77 and its 200 day simple moving average is $217.22. Broadcom has a 1-year low of $128.50 and a 1-year high of $277.71. The company has a market cap 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 (NASDAQ:AVGO) last announced its quarterly earnings data 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 company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $10.96 EPS. On average, research analysts forecast that Broadcom will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares of the company’s stock, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Trinity Financial Advisors LLC bought a new position in shares of Broadcom in the 2nd quarter valued at $3,107,000. Arvest Investments Inc. acquired a new stake in Broadcom in the second quarter valued at about $1,464,000. TrueWealth Advisors LLC boosted its stake in Broadcom by 5.4% in the second quarter. TrueWealth Advisors LLC now owns 2,110 shares of the semiconductor manufacturer’s stock valued at $582,000 after buying an additional 109 shares in the last quarter. McLean Asset Management Corp grew its position in Broadcom by 9.6% in the second quarter. McLean Asset Management Corp now owns 3,013 shares of the semiconductor manufacturer’s stock valued at $813,000 after acquiring an additional 265 shares during the last quarter. Finally, Trust Co of the South raised its stake in Broadcom by 1.6% during the second quarter. Trust Co of the South now owns 4,082 shares of the semiconductor manufacturer’s stock worth $1,125,000 after acquiring an additional 66 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Company Profile

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.