Wells Fargo & Co. Begins Coverage on Avago Technologies Ltd. (AVGO)
Wells Fargo & Co. began coverage on shares of Avago Technologies Ltd. (NASDAQ:AVGO) in a report released on Wednesday. The brokerage issued a market perform rating and a $165.00 price target on the semiconductor manufacturer’s stock.
Several other equities research analysts have also recently commented on AVGO. B. Riley restated a buy rating and issued a $200.00 target price on shares of Avago Technologies in a research note on Wednesday, June 8th. Zacks Investment Research raised Avago Technologies from a sell rating to a hold rating in a research report on Wednesday, June 8th. Vetr raised Avago Technologies from a hold rating to a strong-buy rating and set a $189.61 price target on the stock in a research report on Monday, June 13th. Nomura reaffirmed a buy rating and set a $200.00 price target (up previously from $190.00) on shares of Avago Technologies in a research report on Monday, June 13th. Finally, Oppenheimer Holdings Inc. reaffirmed a buy rating on shares of Avago Technologies in a research report on Tuesday, June 14th. Three investment analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $196.50.
Shares of Avago Technologies (NASDAQ:AVGO) opened at 174.21 on Wednesday. The company’s market capitalization is $69.22 billion. Avago Technologies has a 52-week low of $112.38 and a 52-week high of $179.42. The stock has a 50 day moving average price of $171.68 and a 200 day moving average price of $159.94.
Avago Technologies (NASDAQ:AVGO) last released its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $2.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.77 by $0.12. The firm had revenue of $3.80 billion for the quarter. Avago Technologies had a positive return on equity of 25.06% and a negative net margin of 6.20%. The company’s revenue was up 117.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.24 EPS. On average, analysts predict that Avago Technologies will post $11.23 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were issued a dividend of $0.51 per share. This is an increase 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 dividend yield of 1.17%. Avago Technologies’s payout ratio is currently -208.16%.
In other news, SVP Charlie B. Kawwas sold 4,776 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $165.94, for a total transaction of $792,529.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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. Insiders own 6.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in AVGO. Perigon Wealth Management LLC bought a new position in shares of Avago Technologies during the second quarter valued at about $1,528,000. Tealwood Asset Management Inc. boosted its position in shares of Avago Technologies by 0.4% in the second quarter. Tealwood Asset Management Inc. now owns 16,500 shares of the semiconductor manufacturer’s stock valued at $2,564,000 after buying an additional 60 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. bought a new position in shares of Avago Technologies during the second quarter valued at about $318,000. Hollencrest Securities LLC boosted its position in shares of 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. Finally, Origin Asset Management LLP boosted its position in shares of Avago Technologies by 58.0% in the first quarter. Origin Asset Management LLP now owns 206,009 shares of the semiconductor manufacturer’s stock valued at $31,828,000 after buying an additional 75,611 shares during the last quarter. Hedge funds and other institutional investors own 91.45% of the company’s stock.
About Avago Technologies
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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