TD Cowen Upgrades Broadcom (NASDAQ:AVGO) to “Strong-Buy”

Broadcom (NASDAQ:AVGO) was upgraded by equities researchers at TD Cowen to a “strong-buy” rating in a report released on Monday, Zacks.com reports.

AVGO has been the topic of several other research reports. Sanford C. Bernstein lifted their price objective on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Melius Research started coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Wells Fargo & Company lifted their target price on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Finally, Citigroup reissued a “buy” rating and set a $156.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Down 2.2 %

Shares of AVGO opened at $164.02 on Monday. Broadcom has a 1 year low of $79.51 and a 1 year high of $185.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a 50 day simple moving average of $157.41 and a two-hundred day simple moving average of $145.98. The firm has a market cap of $763.49 billion, a P/E ratio of 7.05, a P/E/G ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. On average, analysts forecast that Broadcom will post 3.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 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 approximately $235,746,936.45. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently made changes to their positions in the company. Barry Investment Advisors LLC purchased a new stake in Broadcom during the 4th quarter valued at $228,000. Capital International Ltd. CA lifted its holdings in shares of Broadcom by 1.7% during the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after purchasing an additional 1,310 shares in the last quarter. Focus Financial Network Inc. ADV bought a new position in shares of Broadcom during the fourth quarter valued at $2,238,000. Gryphon Financial Partners LLC boosted its position in shares of Broadcom by 99.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock valued at $1,731,000 after buying an additional 801 shares during the last quarter. Finally, Steward Partners Investment Solutions LLC bought a new stake in Broadcom in the 4th quarter worth about $2,205,000. Institutional investors own 76.43% of the company’s stock.

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.