Broadcom (AVGO) Downgraded to Sell at BidaskClub
BidaskClub lowered shares of Broadcom (NASDAQ:AVGO) from a hold rating to a sell rating in a research report sent to investors on Saturday.
Several other equities analysts have also recently issued reports on AVGO. ValuEngine cut Broadcom from a sell rating to a strong sell rating in a research report on Thursday, August 2nd. Raymond James cut Broadcom from an outperform rating to a market perform rating in a research report on Friday, July 13th. Bank of America lifted their price target on Broadcom from $285.00 to $300.00 and gave the company a buy rating in a research report on Friday, June 8th. Citigroup lifted their price target on Broadcom from $275.00 to $300.00 and gave the company a buy rating in a research report on Friday, June 8th. Finally, Cowen lowered their price target on Broadcom from $300.00 to $245.00 and set an outperform rating on the stock in a research report on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-seven have given a buy rating to the company’s stock. Broadcom presently has a consensus rating of Buy and an average price target of $290.77.
Broadcom traded down $4.35, hitting $212.23, during mid-day trading on Friday, MarketBeat reports. 3,697,222 shares of the company’s stock traded hands, compared to its average volume of 6,735,384. The company has a debt-to-equity ratio of 0.55, a current ratio of 5.87 and a quick ratio of 5.29. The company has a market capitalization of $93.49 billion, a P/E ratio of 14.84, a PEG ratio of 0.98 and a beta of 0.93. Broadcom has a one year low of $197.46 and a one year high of $285.68.
In other news, SVP Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $250.37, for a total value of $2,503,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Bryan Ingram sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $261.84, for a total value of $5,236,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 120,604 shares of company stock valued at $29,977,792. 3.30% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of AVGO. Glenview Trust Co acquired a new stake in Broadcom during the second quarter valued at $580,000. Liberty Mutual Group Asset Management Inc. acquired a new stake in Broadcom during the second quarter valued at $3,984,000. Midwest Professional Planners LTD. acquired a new stake in Broadcom during the second quarter valued at $157,000. KCM Investment Advisors LLC boosted its position in Broadcom by 17.2% during the second quarter. KCM Investment Advisors LLC now owns 2,600 shares of the semiconductor manufacturer’s stock valued at $631,000 after purchasing an additional 381 shares during the last quarter. Finally, Dai Ichi Life Insurance Company Ltd acquired a new stake in Broadcom during the second quarter valued at $10,968,000. 82.68% of the stock is owned by institutional investors and hedge funds.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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