Broadcom (AVGO) Rating Lowered to Buy at Vetr
Vetr lowered shares of Broadcom (NASDAQ:AVGO) from a strong-buy rating to a buy rating in a research note published on Wednesday morning. The brokerage currently has $280.72 price objective on the semiconductor manufacturer’s stock.
Several other analysts also recently commented on the stock. BidaskClub downgraded shares of Broadcom from a hold rating to a sell rating in a report on Thursday, January 11th. Zacks Investment Research raised shares of Broadcom from a hold rating to a buy rating and set a $277.00 price objective on the stock in a report on Tuesday, March 6th. Canaccord Genuity upped their price objective on shares of Broadcom from $100.00 to $325.00 and gave the company a buy rating in a report on Wednesday, January 31st. B. Riley reaffirmed a buy rating and issued a $335.00 price objective (up from $330.00) on shares of Broadcom in a report on Thursday, February 1st. Finally, Credit Suisse Group reaffirmed a buy rating on shares of Broadcom in a report on Tuesday, January 23rd. Five equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has given a strong buy rating to the company. Broadcom currently has an average rating of Buy and an average target price of $314.23.
AVGO stock opened at $237.12 on Wednesday. The firm has a market capitalization of $99,755.23, a PE ratio of 16.58, a price-to-earnings-growth ratio of 1.10 and a beta of 0.92. The company has a current ratio of 5.70, a quick ratio of 5.04 and a debt-to-equity ratio of 0.60. Broadcom has a 12 month low of $216.16 and a 12 month high of $285.68.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Thursday, March 22nd were given a dividend of $1.75 per share. The ex-dividend date was Wednesday, March 21st. This is a boost from Broadcom’s previous quarterly dividend of $0.40. This represents a $7.00 dividend on an annualized basis and a yield of 2.95%. Broadcom’s dividend payout ratio is currently 48.95%.
Broadcom declared that its board has authorized a share buyback program on Thursday, April 12th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 12.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
In other news, SVP Charlie B. Kawwas sold 997 shares of the stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $243.88, for a total value of $243,148.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Bryan Ingram sold 9,396 shares of the stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $259.81, for a total transaction of $2,441,174.76. The disclosure for this sale can be found here. Insiders have sold 98,675 shares of company stock valued at $25,032,829 over the last 90 days. 3.30% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Chemical Bank raised its position in shares of Broadcom by 6.8% in the fourth quarter. Chemical Bank now owns 19,169 shares of the semiconductor manufacturer’s stock valued at $4,925,000 after buying an additional 1,213 shares during the last quarter. Xact Kapitalforvaltning AB raised its position in shares of Broadcom by 6.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 83,865 shares of the semiconductor manufacturer’s stock valued at $21,545,000 after buying an additional 4,943 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Broadcom by 4.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 107,777 shares of the semiconductor manufacturer’s stock valued at $27,690,000 after buying an additional 4,428 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Broadcom by 6.6% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 220,793 shares of the semiconductor manufacturer’s stock valued at $56,722,000 after buying an additional 13,689 shares during the last quarter. Finally, We Are One Seven LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $142,000. Institutional investors and hedge funds own 89.50% of the company’s stock.
Broadcom Limited 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.
To view Vetr’s full report, visit Vetr’s official website.
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