BMO Capital Markets Raises Broadcom (AVGO) Price Target to $345.00

Broadcom (NASDAQ:AVGO) had its price objective boosted by investment analysts at BMO Capital Markets from $330.00 to $345.00 in a report issued on Monday. The brokerage presently has an “outperform” rating on the semiconductor manufacturer’s stock. BMO Capital Markets’ price objective points to a potential upside of 35.94% from the company’s current price.

AVGO has been the subject of several other reports. KeyCorp reaffirmed an “overweight” rating and set a $320.00 price objective (up from $290.00) on shares of Broadcom in a report on Monday, December 4th. BidaskClub cut Broadcom from a “hold” rating to a “sell” rating in a report on Thursday, January 11th. Credit Suisse Group reaffirmed a “buy” rating on shares of Broadcom in a report on Tuesday, January 23rd. Royal Bank of Canada lifted their price objective on Broadcom from $300.00 to $315.00 and gave the stock a “top pick” rating in a report on Monday, November 20th. Finally, Oppenheimer reaffirmed a “buy” rating and set a $300.00 price objective (up from $275.00) on shares of Broadcom in a report on Monday, December 4th. Three investment analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company. Broadcom has a consensus rating of “Buy” and an average price target of $306.25.

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Shares of Broadcom (AVGO) traded up $6.83 during mid-day trading on Monday, reaching $253.78. The company had a trading volume of 2,754,628 shares, compared to its average volume of 3,870,000. The firm has a market capitalization of $107,460.00, a PE ratio of 64.58, a PEG ratio of 1.06 and a beta of 0.88. Broadcom has a 52-week low of $208.44 and a 52-week high of $285.68. The company has a debt-to-equity ratio of 0.75, a quick ratio of 5.68 and a current ratio of 6.26.

In other news, insider Kirsten M. Spears sold 199 shares of Broadcom stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $243.88, for a total value of $48,532.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Charlie B. Kawwas sold 997 shares of Broadcom stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $243.88, for a total value of $243,148.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,481 shares of company stock valued at $21,805,795. Company insiders own 3.32% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. boosted its holdings in Broadcom by 4.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,350,163 shares of the semiconductor manufacturer’s stock valued at $346,857,000 after acquiring an additional 53,921 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Broadcom by 0.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,853 shares of the semiconductor manufacturer’s stock valued at $20,771,000 after acquiring an additional 656 shares during the last quarter. Union Bankshares Corp boosted its holdings in Broadcom by 7.6% in the fourth quarter. Union Bankshares Corp now owns 9,234 shares of the semiconductor manufacturer’s stock valued at $2,372,000 after acquiring an additional 652 shares during the last quarter. Field & Main Bank acquired a new position in Broadcom in the fourth quarter valued at $2,342,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its holdings in Broadcom by 18.6% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,566 shares of the semiconductor manufacturer’s stock valued at $3,775,000 after acquiring an additional 2,442 shares during the last quarter. 89.52% of the stock is owned by institutional investors and hedge funds.

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About Broadcom

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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