Avago Technologies Ltd. (AVGO) Given Overweight Rating at JPMorgan Chase & Co.
JPMorgan Chase & Co. reiterated their overweight rating on shares of Avago Technologies Ltd. (NASDAQ:AVGO) in a research note published on Friday morning. They currently have a $220.00 target price on the semiconductor manufacturer’s stock.
A number of other analysts have also recently issued reports on the stock. RBC Capital Markets reissued an outperform rating and issued a $190.00 price objective on shares of Avago Technologies in a research note on Tuesday, September 27th. Canaccord Genuity reiterated a buy rating and set a $215.00 price objective on shares of Avago Technologies in a research report on Friday, September 23rd. Brean Capital reiterated a buy rating on shares of Avago Technologies in a research report on Wednesday, September 21st. Susquehanna assumed coverage on shares of Avago Technologies in a research report on Tuesday, September 20th. They set a positive rating and a $200.00 price objective for the company. Finally, Nomura lowered their price objective on shares of Avago Technologies to $200.00 and set a buy rating for the company in a research report on Thursday, September 15th. Two analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $196.87.
Avago Technologies (NASDAQ:AVGO) traded down 0.33% during trading on Friday, hitting $171.95. 397,502 shares of the company’s stock were exchanged. The company’s market cap is $68.32 billion. The firm has a 50 day moving average price of $171.86 and a 200 day moving average price of $159.18. Avago Technologies has a 52-week low of $111.53 and a 52-week high of $179.42.
Avago Technologies (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $2.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.77 by $0.12. The firm earned $3.80 billion during the quarter. Avago Technologies had a negative net margin of 6.20% and a positive return on equity of 25.06%. The business’s revenue for the quarter was up 117.3% on a year-over-year basis. During the same period last year, the company earned $2.24 earnings per share. On average, equities research analysts predict that Avago Technologies will post $11.23 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were given a $0.51 dividend. The ex-dividend date was Thursday, September 15th. This represents a $2.04 dividend on an annualized basis and a yield of 1.18%. This is a boost from Avago Technologies’s previous quarterly dividend of $0.50. Avago Technologies’s dividend payout ratio is presently -208.16%.
In other news, SVP Charlie B. Kawwas sold 4,776 shares of the stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $165.94, for a total transaction of $792,529.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Bryan Ingram sold 31,488 shares of the stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $169.27, for a total transaction of $5,329,973.76. The disclosure for this sale can be found here. 6.20% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Avago Technologies by 43.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 9,420,072 shares of the semiconductor manufacturer’s stock valued at $1,455,401,000 after buying an additional 2,870,235 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Avago Technologies by 35.3% in the first quarter. BlackRock Fund Advisors now owns 4,608,708 shares of the semiconductor manufacturer’s stock valued at $712,045,000 after buying an additional 1,202,930 shares in the last quarter. Insight Capital Research & Management Inc. acquired a new stake in shares of Avago Technologies during the first quarter valued at about $3,117,000. BlackRock Group LTD boosted its stake in shares of Avago Technologies by 56.9% in the first quarter. BlackRock Group LTD now owns 2,864,069 shares of the semiconductor manufacturer’s stock valued at $442,500,000 after buying an additional 1,038,762 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Avago Technologies by 2.0% in the first quarter. BlackRock Inc. now owns 640,156 shares of the semiconductor manufacturer’s stock valued at $98,904,000 after buying an additional 12,587 shares in the last quarter. 91.45% of the stock is currently owned by institutional investors and hedge funds.
Avago Technologies Company Profile
Broadcom Limited is a semiconductor company. The Company offers a range of products in end-markets, including wired infrastructure, wireless communications, enterprise storage, and industrial and others. The Company’s products are used in various applications, including data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and displays.
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