Raymond James Financial, Inc. Reiterates Strong-Buy Rating for Broadcom Limited (AVGO)
Broadcom Limited (NASDAQ:AVGO)‘s stock had its “strong-buy” rating reaffirmed by investment analysts at Raymond James Financial, Inc. in a research note issued on Friday, Marketbeat.com reports. They currently have a $300.00 target price on the semiconductor manufacturer’s stock. Raymond James Financial, Inc.’s target price would indicate a potential upside of 24.40% from the company’s current price.
AVGO has been the subject of a number of other research reports. Rosenblatt Securities began coverage on shares of Broadcom Limited in a research report on Wednesday, February 22nd. They issued a “buy” rating and a $250.00 target price for the company. Morgan Stanley reiterated an “overweight” rating and issued a $280.00 target price (up previously from $265.00) on shares of Broadcom Limited in a research report on Saturday, June 3rd. Deutsche Bank AG increased their target price on shares of Broadcom Limited from $235.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, March 2nd. Jefferies Group LLC upped their price target on shares of Broadcom Limited from $210.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, March 2nd. Finally, Macquarie assumed coverage on shares of Broadcom Limited in a report on Thursday, March 30th. They issued an “outperform” rating and a $265.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and two have assigned a strong buy rating to the company. Broadcom Limited currently has a consensus rating of “Buy” and an average price target of $255.72.
Shares of Broadcom Limited (NASDAQ AVGO) opened at 241.15 on Friday. The firm’s market cap is $98.05 billion. The company has a 50 day moving average of $237.75 and a 200 day moving average of $211.43. Broadcom Limited has a 52 week low of $142.27 and a 52 week high of $256.78.
Broadcom Limited (NASDAQ:AVGO) last announced its earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.50 by $0.19. The firm had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.11 billion. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. Broadcom Limited’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.53 EPS. On average, equities research analysts anticipate that Broadcom Limited will post $15.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Monday, June 19th will be issued a dividend of $1.02 per share. The ex-dividend date is Thursday, June 15th. This represents a $4.08 annualized dividend and a yield of 1.69%. Broadcom Limited’s dividend payout ratio (DPR) is presently -566.66%.
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In other Broadcom Limited news, VP Patricia H. Mccall sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $221.50, for a total transaction of $2,215,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Charlie B. Kawwas sold 4,398 shares of the stock in a transaction that occurred on Wednesday, April 5th. The shares were sold at an average price of $219.10, for a total value of $963,601.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,704 shares of company stock worth $11,112,822. Corporate insiders own 3.60% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. iAB Financial Bank increased its position in shares of Broadcom Limited by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock valued at $370,000 after buying an additional 525 shares during the period. BTIM Corp. bought a new stake in shares of Broadcom Limited during the first quarter valued at about $219,000. Comerica Bank increased its stake in shares of Broadcom Limited by 1.3% in the first quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock valued at $23,780,000 after buying an additional 1,375 shares during the last quarter. V Wealth Management LLC bought a new stake in shares of Broadcom Limited during the first quarter valued at about $206,000. Finally, Wesbanco Bank Inc. increased its stake in shares of Broadcom Limited by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock valued at $26,050,000 after buying an additional 1,853 shares during the last quarter. Institutional investors own 90.85% of the company’s stock.
About Broadcom Limited
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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