Traders Buy Shares of Broadcom Limited (AVGO) on Weakness
Investors purchased shares of Broadcom Limited (NASDAQ:AVGO) on weakness during trading hours on Tuesday. $176.12 million flowed into the stock on the tick-up and $146.35 million flowed out of the stock on the tick-down, for a money net flow of $29.77 million into the stock. Of all stocks tracked, Broadcom Limited had the 25th highest net in-flow for the day. Broadcom Limited traded down ($3.68) for the day and closed at $249.05
Several research analysts have commented on AVGO shares. Deutsche Bank AG raised their price target on shares of Broadcom Limited from $275.00 to $295.00 and gave the company a “buy” rating in a report on Friday, August 25th. Morgan Stanley reissued an “overweight” rating and issued a $265.00 price target (up from $245.00) on shares of Broadcom Limited in a report on Thursday, May 25th. Pacific Crest reissued an “overweight” rating and issued a $260.00 price target on shares of Broadcom Limited in a report on Wednesday, May 31st. Vetr downgraded shares of Broadcom Limited from a “buy” rating to a “hold” rating and set a $261.95 price target for the company. in a report on Monday. Finally, B. Riley reissued an “avgo (” rating and issued a $305.00 price target on shares of Broadcom Limited in a report on Monday, August 21st. Two investment analysts have rated the stock with a hold rating, thirty-two have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $271.98.
The firm’s 50 day moving average price is $250.42 and its 200 day moving average price is $234.53. The company has a market cap of $101.36 billion, a PE ratio of 189.68 and a beta of 1.07.
Broadcom Limited (NASDAQ:AVGO) last posted its earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $4.03 by $0.07. The business had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.89 EPS. On average, equities research analysts forecast that Broadcom Limited will post $15.92 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Tuesday, September 19th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Monday, September 18th. Broadcom Limited’s dividend payout ratio (DPR) is 348.72%.
In other Broadcom Limited news, insider Kirsten M. Spears sold 1,306 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $254.15, for a total transaction of $331,919.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $253.41, for a total transaction of $7,602,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 41,306 shares of company stock worth $10,380,120 in the last three months. Insiders own 3.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Intl Fcstone Inc. purchased a new position in Broadcom Limited during the 2nd quarter valued at about $1,104,000. Achmea Investment Management B.V. increased its position in Broadcom Limited by 19.2% during the 2nd quarter. Achmea Investment Management B.V. now owns 14,964 shares of the semiconductor manufacturer’s stock valued at $3,485,000 after purchasing an additional 2,412 shares during the period. USA Financial Portformulas Corp purchased a new position in Broadcom Limited during the 2nd quarter valued at about $6,621,000. Sentry Investment Management LLC increased its position in Broadcom Limited by 1.1% during the 2nd quarter. Sentry Investment Management LLC now owns 31,719 shares of the semiconductor manufacturer’s stock valued at $7,392,000 after purchasing an additional 333 shares during the period. Finally, Toronto Dominion Bank increased its position in Broadcom Limited by 10.3% during the 2nd quarter. Toronto Dominion Bank now owns 295,961 shares of the semiconductor manufacturer’s stock valued at $68,961,000 after purchasing an additional 27,726 shares during the period. 90.04% of the stock is currently owned by institutional investors and hedge funds.
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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