Broadcom (NASDAQ:AVGO) Lowered to “Hold” at StockNews.com

Broadcom (NASDAQ:AVGO) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, July 23rd.

AVGO has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Morgan Stanley restated an “overweight” rating and set a $165.80 price target on shares of Broadcom in a research note on Monday, June 10th. UBS Group raised their price target on shares of Broadcom from $161.00 to $173.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Evercore ISI lifted their target price on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Finally, Truist Financial lifted their target price on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.11.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $1.30 during midday trading on Tuesday, hitting $152.82. The company’s stock had a trading volume of 29,950,895 shares, compared to its average volume of 31,083,555. The stock has a market capitalization of $711.36 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 2.87 and a beta of 1.16. The stock’s 50 day simple moving average is $190.06 and its 200 day simple moving average is $155.59. Broadcom has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the company earned $0.95 earnings per share. The firm’s revenue was up 47.3% on a year-over-year basis. As a group, research analysts anticipate that Broadcom will post 3.74 earnings per share for the current year.

Insider Activity at Broadcom

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

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Capital International Investors raised its position in shares of Broadcom by 4.5% in 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 buying an additional 1,006,223 shares in the last quarter. Norges Bank bought a new stake in shares of Broadcom during the 4th quarter worth approximately $6,225,987,000. Northern Trust Corp boosted its position in shares of Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after acquiring an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Broadcom by 43.9% in the first 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 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.