Broadcom (NASDAQ:AVGO) Upgraded at TD Cowen

TD Cowen upgraded shares of Broadcom (NASDAQ:AVGO) to a strong-buy rating in a research report report published on Monday morning, Zacks.com reports.

A number of other brokerages have also issued reports on AVGO. Melius assumed coverage on Broadcom in a research note on Monday, June 3rd. They set a buy rating and a $185.00 price target for the company. UBS Group decreased their target price on Broadcom from $173.50 to $170.00 and set a buy rating for the company in a research report on Monday, September 9th. StockNews.com cut shares of Broadcom from a buy rating to a hold rating in a report on Tuesday, July 23rd. Rosenblatt Securities decreased their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a buy rating for the company in a report on Friday, September 6th. Finally, Melius Research started coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a buy rating and a $185.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $189.23.

Broadcom Stock Down 2.2 %

Shares of AVGO opened at $164.02 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $157.41 and a 200 day moving average of $145.98. The company has a market cap of $763.49 billion, a PE ratio of 7.05, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom has a 52-week low of $79.51 and a 52-week high of $185.16.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the business earned $0.95 EPS. On average, sell-side analysts expect that Broadcom will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 9.12%.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Legend Financial Advisors Inc. lifted its position in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the period. Richardson Capital Management LLC purchased a new position in shares of Broadcom in the first quarter worth about $29,000. Delta Asset Management LLC TN lifted its holdings in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new position in Broadcom in the 1st quarter worth approximately $36,000. Finally, Ulland Investment Advisors LLC acquired a new position in Broadcom in the 1st quarter worth approximately $37,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

About Broadcom

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.