Broadcom (NASDAQ:AVGO) Upgraded by Wall Street Zen to "Buy" Rating

Wall Street Zen upgraded shares of Broadcom (NASDAQ:AVGO - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

AVGO has been the topic of several other reports. Oppenheimer lifted their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a report on Tuesday, June 24th. Finally, Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and an average price target of $281.46.

Broadcom Price Performance

AVGO stock traded up $4.97 during mid-day trading on Friday, hitting $274.87. The stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,641,799. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom has a 52 week low of $128.50 and a 52 week high of $277.71. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The firm has a fifty day simple moving average of $238.77 and a 200 day simple moving average of $217.22.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $10.96 EPS. As a group, research analysts forecast that Broadcom will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 854,716 shares of company stock worth $221,433,761. Company insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom in the first quarter worth $25,000. Cheviot Value Management LLC acquired a new stake in Broadcom in the first quarter worth $25,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the fourth quarter worth $26,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the first quarter worth $26,000. Finally, Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter worth $28,000. Institutional investors and hedge funds own 76.43% of the company's stock.

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.