Broadcom (NASDAQ:AVGO) Given Outperform Rating at Evercore ISI

Broadcom (NASDAQ:AVGO)‘s stock had its “outperform” rating reissued by research analysts at Evercore ISI in a research report issued on Friday, MarketBeat.com reports. They presently have a $304.00 price target on the semiconductor manufacturer’s stock, up from their previous price target of $267.00. Evercore ISI’s target price indicates a potential upside of 24.27% from the stock’s current price.

A number of other equities research analysts also recently issued reports on AVGO. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Redburn Atlantic assumed coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price for the company. Rosenblatt Securities increased their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, Citigroup reissued a “buy” rating and set a $276.00 target price (up from $210.00) on shares of Broadcom in a research report on Tuesday, June 3rd. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $272.71.

Broadcom Trading Up 0.1%

Shares of AVGO stock opened at $244.63 on Friday. Broadcom has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a 50-day simple moving average of $206.98 and a two-hundred day simple moving average of $207.63. The company has a market capitalization of $1.15 trillion, a price-to-earnings ratio of 199.54, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the firm posted $10.96 EPS. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts anticipate that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Broadcom by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer’s stock worth $79,900,968,000 after acquiring an additional 2,085,534 shares during the last quarter. Geode Capital Management LLC raised its holdings in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC grew its stake in shares of Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Norges Bank bought a new stake in Broadcom during the fourth quarter valued at approximately $16,893,010,000. Finally, Price T Rowe Associates Inc. MD grew its position in Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after buying an additional 17,985,046 shares during the period. Institutional investors own 76.43% of the company’s stock.

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.