Broadcom (AVGO) Given “Buy” Rating at Drexel Hamilton
Drexel Hamilton reaffirmed their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research note issued to investors on Thursday. Drexel Hamilton currently has a $302.00 price target on the semiconductor manufacturer’s stock.
Other analysts have also recently issued reports about the stock. B. Riley reiterated an avgo ( rating and issued a $305.00 target price on shares of Broadcom in a research note on Monday, August 21st. Rosenblatt Securities restated a buy rating and set a $270.00 price objective on shares of Broadcom in a research note on Wednesday, August 23rd. Loop Capital restated a buy rating and set a $302.00 price objective on shares of Broadcom in a research note on Friday, August 25th. Vetr upgraded shares of Broadcom from a hold rating to a buy rating and set a $258.25 price objective for the company in a research note on Monday, August 14th. Finally, Cowen restated a buy rating and set a $260.00 price objective on shares of Broadcom in a research note on Friday, August 11th. Five research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Broadcom currently has a consensus rating of Buy and a consensus price target of $303.13.
Shares of Broadcom (NASDAQ AVGO) opened at $259.91 on Thursday. The company has a market cap of $106,037.93, a P/E ratio of 18.05, a P/E/G ratio of 1.18 and a beta of 1.05. The company has a debt-to-equity ratio of 0.75, a current ratio of 6.39 and a quick ratio of 5.80. Broadcom has a 12 month low of $173.31 and a 12 month high of $285.68.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Tuesday, December 19th will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 2.69%. This is a positive change from Broadcom’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Monday, December 18th. Broadcom’s payout ratio is 95.77%.
In related news, SVP Bryan Ingram sold 794 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $258.60, for a total value of $205,328.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas H. Krause sold 2,595 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $267.34, for a total transaction of $693,747.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,389 shares of company stock valued at $25,712,376. Insiders own 3.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of AVGO. Mountain Capital Investment Advisors Inc purchased a new stake in Broadcom in the 2nd quarter worth $113,000. AllSquare Wealth Management LLC purchased a new stake in Broadcom in the 3rd quarter worth $113,000. Shine Investment Advisory Services Inc. purchased a new stake in Broadcom in the 2nd quarter worth $116,000. Tower Research Capital LLC TRC increased its holdings in Broadcom by 473.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock worth $134,000 after acquiring an additional 473 shares in the last quarter. Finally, Catamount Wealth Management purchased a new stake in Broadcom in the 2nd quarter worth $140,000. 88.98% of the stock is owned by institutional investors.
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Broadcom Company Profile
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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