Loop Capital cut shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a research note issued to investors on Friday, Briefing.com Automated Import reports.

AVGO has been the subject of a number of other research reports. Morgan Stanley reduced their target price on shares of Broadcom from $266.00 to $262.00 and set an equal weight rating for the company in a research report on Monday, June 10th. BidaskClub raised shares of Broadcom from a hold rating to a buy rating in a research report on Thursday, September 12th. Deutsche Bank cut their price objective on shares of Broadcom from $330.00 to $315.00 and set a buy rating for the company in a research report on Friday, June 14th. UBS Group cut their price objective on shares of Broadcom from $325.00 to $310.00 and set a buy rating for the company in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Broadcom from $365.00 to $350.00 and set an overweight rating for the company in a research report on Friday, June 14th. Ten research analysts have rated the stock with a hold rating and thirty have assigned a buy rating to the company’s stock. Broadcom presently has a consensus rating of Buy and an average price target of $311.71.

Shares of Broadcom stock opened at $288.66 on Friday. The firm has a 50-day moving average of $282.27 and a 200-day moving average of $287.04. The stock has a market cap of $119.65 billion, a PE ratio of 15.33, a PEG ratio of 1.47 and a beta of 0.88. Broadcom has a 52-week low of $208.23 and a 52-week high of $323.20. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The business had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 33.21%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.98 EPS. Equities research analysts predict that Broadcom will post 17.23 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be given a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend is Friday, September 20th. Broadcom’s dividend payout ratio is presently 56.29%.

In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total transaction of $5,409,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock valued at $18,327,682 in the last three months. Insiders own 3.30% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Pinnacle Bank grew its position in shares of Broadcom by 128.2% during 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. Liberty Wealth Management LLC grew its position in shares of Broadcom by 62.5% during the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 35 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $27,000. Doyle Wealth Management acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $42,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $51,000. 84.57% of the stock is owned by institutional investors.

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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