Bank of America Reiterates Buy Rating for Broadcom (NASDAQ:AVGO)

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America in a research note issued on Monday, Benzinga reports. They currently have a $2,150.00 price target on the semiconductor manufacturer’s stock, up from their previous price target of $2,000.00. Bank of America‘s price target points to a potential upside of 36.01% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. The Goldman Sachs Group lifted their price objective on Broadcom from $1,550.00 to $1,850.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Benchmark reiterated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Morgan Stanley reiterated an “overweight” rating and issued a $1,658.00 price objective on shares of Broadcom in a report on Monday, June 10th. Melius Research initiated coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a report on Monday, April 8th. Three analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,673.04.

Broadcom Stock Performance

Shares of AVGO stock opened at $1,580.79 on Monday. The stock has a fifty day moving average of $1,412.94 and a 200 day moving average of $1,294.23. Broadcom has a 52 week low of $795.09 and a 52 week high of $1,851.62. The firm has a market capitalization of $735.84 billion, a price-to-earnings ratio of 67.99, a PEG ratio of 2.90 and a beta of 1.17. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02.

Broadcom shares are scheduled to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be distributed to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating the consensus estimate of $10.78 by $0.18. The business had revenue of $12.49 billion during the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company’s revenue for the quarter was up 43.0% on a year-over-year basis. During the same quarter last year, the firm posted $9.51 earnings per share. As a group, research analysts expect that Broadcom will post 36.87 earnings per share for the current year.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 254 shares of Broadcom stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1,750.26, for a total value of $444,566.04. Following the sale, the director now owns 2,748 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Broadcom news, Director Justine Page sold 254 shares of Broadcom stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1,750.26, for a total value of $444,566.04. Following the sale, the director now owns 2,748 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $1,367.52, for a total value of $3,418,800.00. Following the completion of the sale, the insider now directly owns 44,474 shares in the company, valued at approximately $60,819,084.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,864 shares of company stock valued at $17,251,391. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Capital International Investors increased its position in shares of Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares during the last quarter. Norges Bank bought a new position in Broadcom in the 4th quarter valued at $6,225,987,000. Northern Trust Corp grew its position in Broadcom by 3.7% in the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after acquiring an additional 170,063 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after acquiring an additional 1,263,957 shares during the last quarter. Institutional investors 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.