Broadcom (NASDAQ:AVGO) Receives New Coverage from Analysts at Evercore ISI

Evercore ISI initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $1,620.00 price objective on the semiconductor manufacturer’s stock.

Several other equities analysts also recently commented on the stock. The Goldman Sachs Group reaffirmed a buy rating and set a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Cantor Fitzgerald upped their price objective on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an overweight rating in a research note on Monday, March 4th. JPMorgan Chase & Co. reaffirmed an overweight rating and set a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. StockNews.com cut shares of Broadcom from a buy rating to a hold rating in a research report on Thursday, January 4th. Finally, Deutsche Bank Aktiengesellschaft reiterated a buy rating and set a $1,500.00 price target on shares of Broadcom in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $1,285.41.

Broadcom Stock Performance

Broadcom stock opened at $1,204.71 on Tuesday. The company has a market capitalization of $558.29 billion, a PE ratio of 44.65, a P/E/G ratio of 2.62 and a beta of 1.25. The firm has a fifty day simple moving average of $1,305.11 and a two-hundred day simple moving average of $1,118.75. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom has a twelve month low of $601.29 and a twelve month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.83 earnings per share. Research analysts expect that Broadcom will post 35.88 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 110 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at $4,134,375. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Justine Page sold 110 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at $4,134,375. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. Cantor Fitzgerald Investment Advisor L.P lifted its position in Broadcom by 94.4% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after purchasing an additional 36,458 shares during the period. Fairfield Bush & CO. lifted its position in Broadcom by 2.6% during the first quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after purchasing an additional 123 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Broadcom by 20.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after purchasing an additional 87,945 shares during the period. Loomis Sayles & Co. L P lifted its position in Broadcom by 1.1% during the first quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after purchasing an additional 420 shares during the period. Finally, Ergoteles LLC bought a new position in Broadcom during the first quarter valued at approximately $1,095,000. Institutional investors 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.