Traders Buy 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 equities 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 equities analysts have commented on AVGO shares. B. Riley reissued an “avgo (” rating and issued a $305.00 target price on shares of Broadcom Limited in a report on Monday, August 21st. Craig Hallum raised their target price on shares of Broadcom Limited from $260.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 2nd. Loop Capital reissued a “buy” rating and issued a $270.00 target price (up from $251.00) on shares of Broadcom Limited in a report on Thursday, June 1st. Deutsche Bank AG reissued a “buy” rating and issued a $275.00 target price (up from $255.00) on shares of Broadcom Limited in a report on Thursday, June 1st. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $260.00 target price on shares of Broadcom Limited in a report on Wednesday, May 31st. Two equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $271.98.
The stock has a market cap of $101.50 billion, a PE ratio of 189.93 and a beta of 1.07. The stock has a 50 day moving average price of $250.38 and a 200 day moving average price of $234.64.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.03 by $0.07. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The firm had revenue of $4.47 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the previous year, the firm earned $2.89 EPS. The business’s quarterly revenue was up 17.5% on a year-over-year basis. On average, analysts predict that Broadcom Limited will post $15.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 19th will be issued a $1.02 dividend. The ex-dividend date is Monday, September 18th. This represents a $4.08 dividend on an annualized basis and a yield of 1.64%. Broadcom Limited’s dividend payout ratio is presently 348.72%.
In related news, SVP Bryan Ingram sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $244.59, for a total value of $2,445,900.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.60% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in shares of Broadcom Limited by 2,707.3% during the 1st quarter. BlackRock Inc. now owns 23,131,935 shares of the semiconductor manufacturer’s stock worth $5,064,971,000 after acquiring an additional 22,307,935 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Broadcom Limited by 7.0% during the 1st quarter. Vanguard Group Inc. now owns 26,768,435 shares of the semiconductor manufacturer’s stock worth $5,861,217,000 after acquiring an additional 1,746,144 shares in the last quarter. Harbour Capital Advisors LLC raised its holdings in shares of Broadcom Limited by 22,924.6% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,530,905 shares of the semiconductor manufacturer’s stock worth $6,569,000 after acquiring an additional 1,524,256 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Broadcom Limited by 29.3% during the 1st quarter. Wellington Management Group LLP now owns 6,710,760 shares of the semiconductor manufacturer’s stock worth $1,469,388,000 after acquiring an additional 1,519,598 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Broadcom Limited by 18.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after acquiring an additional 1,338,695 shares in the last quarter. 90.04% of the stock is currently owned by institutional investors.
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Broadcom Limited Company Profile
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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