BidaskClub Downgrades Broadcom (NASDAQ:AVGO) to Hold

Broadcom (NASDAQ:AVGO) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, BidAskClub reports.

Several other research firms have also commented on AVGO. Mizuho lowered Advantest from a “neutral” rating to an “underperform” rating in a research report on Friday, June 14th. Rosenblatt Securities reiterated a “buy” rating and issued a $350.00 price target on shares of Broadcom in a research report on Monday, June 10th. Deutsche Bank dropped their price target on Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a research report on Friday, June 14th. MKM Partners lifted their price target on Broadcom to $310.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, ValuEngine lowered Intersect ENT from a “buy” rating to a “hold” rating in a research report on Monday. Twelve analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $297.62.

AVGO traded up $1.56 on Tuesday, hitting $276.06. The company had a trading volume of 2,016,497 shares, compared to its average volume of 2,976,079. The firm has a market cap of $112.52 billion, a P/E ratio of 14.66, a PEG ratio of 1.38 and a beta of 0.94. Broadcom has a 12-month low of $197.46 and a 12-month high of $323.20. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. The company’s fifty day moving average is $272.64.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.18 by $0.03. The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.70 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the business posted $4.88 earnings per share. On average, sell-side analysts anticipate that Broadcom will post 17.3 EPS for the current year.

In other news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $264.00, for a total transaction of $5,280,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Bryan Ingram sold 11,922 shares of Broadcom stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. Insiders have sold 65,388 shares of company stock valued at $18,656,682 in the last ninety days. Insiders own 3.30% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Peoples Financial Services CORP. raised its stake in Broadcom by 13.1% in the second quarter. Peoples Financial Services CORP. now owns 3,450 shares of the semiconductor manufacturer’s stock worth $993,000 after buying an additional 400 shares in the last quarter. Rothschild Investment Corp IL raised its stake in Broadcom by 26.8% in the second quarter. Rothschild Investment Corp IL now owns 3,785 shares of the semiconductor manufacturer’s stock worth $1,090,000 after buying an additional 800 shares in the last quarter. Heritage Investors Management Corp raised its stake in Broadcom by 3.8% in the second quarter. Heritage Investors Management Corp now owns 68,243 shares of the semiconductor manufacturer’s stock worth $19,644,000 after buying an additional 2,515 shares in the last quarter. Gyroscope Capital Management Group LLC raised its stake in Broadcom by 1.7% in the second quarter. Gyroscope Capital Management Group LLC now owns 2,856 shares of the semiconductor manufacturer’s stock worth $807,000 after buying an additional 47 shares in the last quarter. Finally, Lourd Capital LLC raised its stake in Broadcom by 7.3% in the second quarter. Lourd Capital LLC now owns 782 shares of the semiconductor manufacturer’s stock worth $225,000 after buying an additional 53 shares in the last quarter. 83.91% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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