Broadcom (NASDAQ:AVGO) Upgraded to Strong-Buy by TD Cowen

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

A number of other research analysts also recently issued reports on AVGO. Melius Research started coverage on Broadcom in a report on Monday, June 3rd. They set a buy rating and a $185.00 price target on the stock. Barclays upped their target price on shares of Broadcom from $150.00 to $200.00 and gave the company an overweight rating in a research note on Thursday, June 13th. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an overweight rating in a research note on Friday, September 6th. Mizuho increased their price objective on shares of Broadcom from $162.50 to $190.00 and gave the company a buy rating in a research report on Thursday, June 13th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $200.00 target price on shares of Broadcom in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $189.23.

Broadcom Stock Performance

Shares of AVGO stock opened at $164.02 on Monday. The company has a market capitalization of $763.49 billion, a price-to-earnings ratio of 7.05, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom has a one year low of $79.51 and a one year high of $185.16. The company’s 50-day moving average is $157.41 and its 200 day moving average is $145.98.

Broadcom (NASDAQ:AVGO) last announced its quarterly 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 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. Sell-side analysts expect that Broadcom will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

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

Insiders Place Their Bets

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

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. TBH Global Asset Management LLC lifted its position in shares of Broadcom by 29.2% in the fourth quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 145 shares in the last quarter. Gilbert & Cook Inc. increased its stake in Broadcom by 4.9% in the 4th quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock worth $934,000 after acquiring an additional 39 shares during the last quarter. Aveo Capital Partners LLC raised its holdings in shares of Broadcom by 15.9% during the 4th quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after acquiring an additional 63 shares in the last quarter. 9258 Wealth Management LLC lifted its position in Broadcom by 1.5% during the fourth quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock valued at $4,336,000 after purchasing an additional 58 shares during the last quarter. Finally, Gryphon Financial Partners LLC grew its stake in shares of Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after buying an additional 801 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

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.