Broadcom (NASDAQ:AVGO) Cut to “Hold” at ValuEngine

ValuEngine cut shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a research report report published on Monday morning, ValuEngine reports.

A number of other equities analysts have also weighed in on AVGO. Citigroup decreased their target price on Broadcom from $320.00 to $300.00 and set a buy rating on the stock in a research note on Friday, June 14th. MKM Partners upped their target price on Broadcom to $310.00 and gave the stock a buy rating in a research note on Monday, March 18th. BMO Capital Markets restated a hold rating and issued a $9.50 target price on shares of Vicon Industries in a research note on Friday, June 14th. Robert W. Baird set a $5.00 target price on Ashford Hospitality Trust and gave the stock a hold rating in a research note on Monday, June 17th. Finally, Craig Hallum restated a buy rating and issued a $315.00 target price (down from $325.00) on shares of Broadcom in a research note on Friday, June 14th. Twelve research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. Broadcom currently has a consensus rating of Buy and a consensus target price of $297.62.

NASDAQ AVGO traded up $1.56 during trading on Monday, reaching $276.06. The company’s stock had a trading volume of 2,016,497 shares, compared to its average volume of 2,976,079. The company has a market capitalization of $112.52 billion, a PE ratio of 14.66, a PEG ratio of 1.38 and a beta of 0.94. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13. The stock has a fifty day moving average of $272.64. Broadcom has a one year low of $197.46 and a one year high of $323.20.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, topping analysts’ consensus estimates of $5.18 by $0.03. The business had revenue of $5.52 billion for 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 company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $4.88 EPS. As a group, equities analysts forecast that Broadcom will post 17.3 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Monday, June 24th were issued a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a yield of 3.84%. The ex-dividend date was Friday, June 21st. Broadcom’s dividend payout ratio is presently 56.29%.

In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $315.07, for a total transaction of $6,301,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock valued at $18,656,682 over the last 90 days. 3.30% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Pinnacle Bank lifted its holdings in Broadcom by 128.2% in the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 50 shares during the period. First Financial Corp IN purchased a new stake in Broadcom in the 1st quarter worth approximately $30,000. Daiwa SB Investments Ltd. purchased a new stake in Broadcom in the 1st quarter worth approximately $30,000. CX Institutional lifted its holdings in Broadcom by 555.6% in the 1st quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock worth $35,000 after buying an additional 100 shares during the period. Finally, Destination Wealth Management purchased a new stake in Broadcom in the 1st quarter worth approximately $41,000. Institutional investors own 83.91% of the company’s stock.

Broadcom Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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