Seaport Res Ptn Upgrades Broadcom (NASDAQ:AVGO) to "Strong-Buy"

Broadcom (NASDAQ:AVGO - Get Free Report) was upgraded by investment analysts at Seaport Res Ptn to a "strong-buy" rating in a report released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. Mizuho decreased their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Barclays decreased their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Benchmark reissued a "buy" rating and issued a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Bank of America decreased their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $229.48.

Broadcom Trading Up 3.2 %

Broadcom stock traded up $6.31 during mid-day trading on Wednesday, hitting $203.64. The company's stock had a trading volume of 17,749,359 shares, compared to its average volume of 31,215,620. Broadcom has a one year low of $127.51 and a one year high of $251.88. The stock has a market cap of $957.50 billion, a PE ratio of 166.10, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a 50 day moving average of $182.21 and a 200-day moving average of $196.61. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom announced that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock valued at $131,065,542 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Carson Advisory Inc. lifted its holdings in shares of Broadcom by 35.1% in the 1st quarter. Carson Advisory Inc. now owns 1,984 shares of the semiconductor manufacturer's stock valued at $332,000 after buying an additional 515 shares during the period. Retirement Planning Co of New England Inc. boosted its position in Broadcom by 199.8% in the 1st quarter. Retirement Planning Co of New England Inc. now owns 47,790 shares of the semiconductor manufacturer's stock worth $8,001,000 after purchasing an additional 31,851 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of Broadcom by 1.0% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 1,016,907 shares of the semiconductor manufacturer's stock worth $170,261,000 after purchasing an additional 10,059 shares during the period. Kingsview Wealth Management LLC increased its holdings in shares of Broadcom by 1.5% during the 1st quarter. Kingsview Wealth Management LLC now owns 113,531 shares of the semiconductor manufacturer's stock valued at $19,009,000 after purchasing an additional 1,729 shares in the last quarter. Finally, Members Trust Co lifted its stake in shares of Broadcom by 51.7% in the 1st quarter. Members Trust Co now owns 3,073 shares of the semiconductor manufacturer's stock valued at $515,000 after purchasing an additional 1,047 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.