BMO Capital Markets Initiates Coverage on Broadcom (NASDAQ:AVGO)

Stock analysts at BMO Capital Markets initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a report released on Monday, November 20th. The firm set an “outperform” rating and a $330.00 price target on the semiconductor manufacturer’s stock. BMO Capital Markets’ target price indicates a potential upside of 25.05% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Barclays lifted their price objective on shares of Broadcom from $290.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. B. Riley boosted their price target on shares of Broadcom from $305.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. Vetr cut shares of Broadcom from a “buy” rating to a “hold” rating and set a $261.95 price objective on the stock. in a research note on Monday, September 4th. Zacks Investment Research upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $272.00 price objective on the stock in a research note on Tuesday, August 29th. Finally, KeyCorp reiterated a “buy” rating and issued a $290.00 price target on shares of Broadcom in a research report on Tuesday, October 17th. Five analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company. Broadcom has an average rating of “Buy” and a consensus price target of $293.51.

Broadcom (NASDAQ:AVGO) traded up $2.24 during trading on Monday, hitting $263.89. 4,845,368 shares of the company’s stock traded hands, compared to its average volume of 2,777,186. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.48 and a quick ratio of 3.84. Broadcom has a one year low of $163.67 and a one year high of $285.68. The firm has a market cap of $105,880.00, a PE ratio of 19.92, a P/E/G ratio of 1.27 and a beta of 1.05.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.49 by $0.10. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.84 billion. Broadcom had a net margin of 3.12% and a return on equity of 26.82%. Broadcom’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.47 earnings per share. equities research analysts predict that Broadcom will post 13.93 earnings per share for the current fiscal year.

In other Broadcom news, CFO Thomas H. Krause sold 2,595 shares of the company’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $267.34, for a total value of $693,747.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $260.03, for a total value of $5,200,600.00. The disclosure for this sale can be found here. Insiders sold a total of 104,383 shares of company stock worth $25,949,184 in the last quarter. Corporate insiders own 3.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Mountain Capital Investment Advisors Inc bought a new position in shares of Broadcom in the second quarter valued at approximately $113,000. AllSquare Wealth Management LLC bought a new position in shares of Broadcom in the third quarter valued at approximately $113,000. Shine Investment Advisory Services Inc. bought a new position in shares of Broadcom in the second quarter valued at approximately $116,000. D. Scott Neal Inc. bought a new position in Broadcom during the second quarter valued at $127,000. Finally, Tower Research Capital LLC TRC grew its holdings in Broadcom by 473.0% during the second quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock valued at $134,000 after purchasing an additional 473 shares during the period. 88.99% of the stock is owned by institutional investors.

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Broadcom Company Profile

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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