Royal Bank Of Canada Increases Broadcom (NASDAQ:AVGO) Price Target to $315.00

Broadcom (NASDAQ:AVGO) had its price objective raised by Royal Bank Of Canada from $300.00 to $315.00 in a report issued on Monday, November 20th, Marketbeat.com reports. Royal Bank Of Canada currently has a top pick rating on the semiconductor manufacturer’s stock.

A number of other equities analysts also recently commented on the stock. Barclays lifted their price objective on shares of Broadcom from $290.00 to $300.00 and gave the stock an overweight rating in a report on Wednesday, October 18th. B. Riley boosted their price target on shares of Broadcom from $305.00 to $315.00 and gave the company a buy rating in a report on Thursday, November 2nd. Vetr cut shares of Broadcom from a buy rating to a hold rating and set a $261.95 price objective on the stock. in a research note on Monday, September 4th. Zacks Investment Research upgraded shares of Broadcom from a hold rating to a buy rating and set a $272.00 price target on the stock in a research report on Tuesday, August 29th. Finally, KeyCorp restated a buy rating and set a $290.00 price objective on shares of Broadcom in a report on Tuesday, October 17th. Five analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has issued a strong buy rating to the stock. Broadcom has an average rating of Buy and a consensus target price of $293.51.

Shares of Broadcom (NASDAQ:AVGO) traded up $2.24 during midday trading on Monday, reaching $263.89. 4,845,368 shares of the company were exchanged, compared to its average volume of 2,777,186. Broadcom has a 12-month low of $163.67 and a 12-month high of $285.68. The firm has a market cap of $105,880.00, a PE ratio of 19.92, a price-to-earnings-growth ratio of 1.27 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.84 and a current ratio of 4.48.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.49 by $0.10. Broadcom had a net margin of 3.12% and a return on equity of 26.82%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same quarter last year, the firm posted $3.47 earnings per share. Broadcom’s revenue for the quarter was up 17.1% compared to the same quarter last year. analysts predict that Broadcom will post 13.93 earnings per share for the current year.

In other Broadcom news, CFO Thomas H. Krause sold 2,595 shares of Broadcom stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $267.34, for a total value of $693,747.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $246.48, for a total value of $4,929,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,383 shares of company stock valued at $25,949,184. 3.60% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of AVGO. Spectrum Management Group Inc. lifted its stake in shares of Broadcom by 0.4% in the 2nd quarter. Spectrum Management Group Inc. now owns 2,365 shares of the semiconductor manufacturer’s stock valued at $551,000 after purchasing an additional 10 shares during the period. Peapack Gladstone Financial Corp raised its stake in shares of Broadcom by 0.5% in the second quarter. Peapack Gladstone Financial Corp now owns 2,158 shares of the semiconductor manufacturer’s stock worth $503,000 after purchasing an additional 10 shares during the last quarter. CWA Asset Management Group LLC raised its stake in shares of Broadcom by 0.9% in the second quarter. CWA Asset Management Group LLC now owns 1,917 shares of the semiconductor manufacturer’s stock worth $447,000 after purchasing an additional 17 shares during the last quarter. Prospera Financial Services Inc raised its stake in shares of Broadcom by 2.4% in the second quarter. Prospera Financial Services Inc now owns 1,052 shares of the semiconductor manufacturer’s stock worth $247,000 after purchasing an additional 25 shares during the last quarter. Finally, First National Bank of Hutchinson raised its stake in shares of Broadcom by 1.1% in the second quarter. First National Bank of Hutchinson now owns 3,554 shares of the semiconductor manufacturer’s stock worth $904,000 after purchasing an additional 37 shares during the last quarter. Institutional investors and hedge funds own 88.99% of the company’s stock.

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About Broadcom

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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