Sanford C. Bernstein Initiates Coverage on Avago Technologies Ltd. (AVGO)
Equities research analysts at Sanford C. Bernstein assumed coverage on shares of Avago Technologies Ltd. (NASDAQ:AVGO) in a research note issued to investors on Tuesday. The brokerage set an “outperform” rating and a $215.00 price target on the semiconductor manufacturer’s stock. Sanford C. Bernstein’s price objective suggests a potential upside of 23.93% from the company’s current price.
A number of other equities research analysts also recently weighed in on the stock. Brean Capital reissued a “buy” rating on shares of Avago Technologies in a report on Wednesday, September 21st. RBC Capital Markets set a $185.00 price target on shares of Avago Technologies and gave the company a “buy” rating in a report on Wednesday, August 3rd. Vetr lowered shares of Avago Technologies from a “hold” rating to a “sell” rating and set a $171.91 price objective for the company. in a research note on Tuesday, August 23rd. Pacific Crest reaffirmed an “overweight” rating and set a $180.00 price objective on shares of Avago Technologies in a research note on Friday, August 26th. Finally, DA Davidson reaffirmed a “buy” rating and set a $190.00 price objective on shares of Avago Technologies in a research note on Tuesday, August 30th. Three analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $197.36.
Shares of Avago Technologies (NASDAQ:AVGO) opened at 173.48 on Tuesday. Avago Technologies has a 12-month low of $112.38 and a 12-month high of $179.42. The company has a 50-day moving average of $171.63 and a 200-day moving average of $159.69. The stock’s market capitalization is $68.93 billion.
Avago Technologies (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $2.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.77 by $0.12. Avago Technologies had a negative net margin of 6.20% and a positive return on equity of 25.06%. The company earned $3.80 billion during the quarter. During the same period in the previous year, the company posted $2.24 earnings per share. Avago Technologies’s revenue was up 117.3% compared to the same quarter last year. Equities analysts expect that Avago Technologies will post $11.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were paid a $0.51 dividend. This is a boost from Avago Technologies’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, September 15th. This represents a $2.04 annualized dividend and a yield of 1.18%. Avago Technologies’s payout ratio is presently -208.16%.
In other Avago Technologies news, VP Patricia H. Mccall sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $154.37, for a total value of $1,234,960.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Bryan Ingram sold 31,488 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $169.27, for a total value of $5,329,973.76. The disclosure for this sale can be found here. 6.20% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in AVGO. Hollencrest Securities LLC boosted its stake in Avago Technologies by 1.2% in the second quarter. Hollencrest Securities LLC now owns 1,324 shares of the semiconductor manufacturer’s stock valued at $206,000 after buying an additional 16 shares during the last quarter. Guardian Life Insurance Co of America boosted its stake in Avago Technologies by 15.7% in the first quarter. Guardian Life Insurance Co of America now owns 1,439 shares of the semiconductor manufacturer’s stock valued at $222,000 after buying an additional 195 shares during the last quarter. IFP Advisors Inc boosted its stake in Avago Technologies by 95.5% in the first quarter. IFP Advisors Inc now owns 1,521 shares of the semiconductor manufacturer’s stock valued at $235,000 after buying an additional 743 shares during the last quarter. Rehmann Capital Advisory Group purchased a new stake in Avago Technologies during the first quarter valued at approximately $250,000. Finally, Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in Avago Technologies during the second quarter valued at approximately $318,000. Hedge funds and other institutional investors own 91.45% of the company’s stock.
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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