Broadcom (AVGO) Receives “Buy” Rating from Credit Suisse Group
Credit Suisse Group reissued their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research note issued to investors on Wednesday. Credit Suisse Group currently has a $300.00 target price on the semiconductor manufacturer’s stock.
A number of other equities analysts have also issued reports on the company. Zacks Investment Research raised Broadcom from a sell rating to a hold rating in a research note on Wednesday. BidaskClub lowered Broadcom from a strong-buy rating to a buy rating in a research note on Tuesday. Deutsche Bank decreased their price target on Broadcom from $310.00 to $300.00 and set a buy rating for the company in a research note on Monday, December 3rd. B. Riley raised Broadcom from a neutral rating to a buy rating and increased their price target for the company from $250.00 to $300.00 in a research note on Monday, December 3rd. Finally, Wells Fargo & Co reaffirmed a market perform rating and set a $265.00 price target on shares of Broadcom in a research note on Wednesday, November 28th. Nine investment analysts have rated the stock with a hold rating and thirty-four have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $287.31.
AVGO opened at $228.56 on Wednesday. Broadcom has a 12 month low of $197.46 and a 12 month high of $274.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. The company has a market capitalization of $93.95 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 0.98 and a beta of 1.03.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th will be paid a dividend of $2.65 per share. The ex-dividend date is Tuesday, December 18th. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. This represents a $10.60 annualized dividend and a dividend yield of 4.64%. Broadcom’s dividend payout ratio (DPR) is currently 37.17%.
In other news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $238.62, for a total transaction of $4,772,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the firm’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,194 shares of company stock valued at $14,266,145. Corporate insiders own 3.30% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Broadcom by 6.6% in the third quarter. Vanguard Group Inc. now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares in the last quarter. Capital International Investors lifted its holdings in shares of Broadcom by 504.1% in the third quarter. Capital International Investors now owns 27,509,769 shares of the semiconductor manufacturer’s stock valued at $6,787,485,000 after purchasing an additional 22,955,578 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Broadcom by 0.8% in the third quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock valued at $6,397,772,000 after purchasing an additional 209,280 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Broadcom by 16.3% in the third quarter. Capital Research Global Investors now owns 25,694,725 shares of the semiconductor manufacturer’s stock valued at $6,339,659,000 after purchasing an additional 3,608,395 shares in the last quarter. Finally, FMR LLC purchased a new stake in shares of Broadcom in the second quarter valued at $2,768,560,000. 85.22% of the stock is owned by institutional investors and hedge funds.
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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