FY2018 EPS Estimates for Broadcom Limited Lifted by SunTrust Banks (AVGO)
Broadcom Limited (NASDAQ:AVGO) – Equities researchers at SunTrust Banks upped their FY2018 EPS estimates for Broadcom in a report issued on Wednesday. SunTrust Banks analyst W. Stein now anticipates that the semiconductor manufacturer will post earnings per share of $16.59 for the year, up from their prior estimate of $15.29. SunTrust Banks has a “Positive” rating and a $325.00 price target on the stock.
Several other research analysts have also weighed in on AVGO. Vetr lowered shares of Broadcom from a “buy” rating to a “hold” rating and set a $260.90 price objective on the stock. in a research note on Wednesday, August 2nd. Royal Bank Of Canada reissued a “buy” rating and issued a $270.00 target price on shares of Broadcom in a research report on Friday, August 11th. BidaskClub downgraded shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Cowen reissued a “buy” rating and issued a $260.00 target price on shares of Broadcom in a research report on Friday, August 11th. Finally, Zacks Investment Research downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, August 17th. Three research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and three have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $288.85.
Broadcom (AVGO) traded down $5.90 during trading on Monday, reaching $271.50. 4,722,700 shares of the company’s stock traded hands, compared to its average volume of 2,744,506. The firm has a market cap of $113,170.00, a price-to-earnings ratio of 21.34, a PEG ratio of 1.38 and a beta of 1.05. The company has a current ratio of 4.48, a quick ratio of 3.84 and a debt-to-equity ratio of 0.60. Broadcom has a 1 year low of $160.62 and a 1 year high of $285.68.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.03 by $0.07. The firm had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.46 billion. Broadcom 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.89 EPS.
In related news, SVP Bryan Ingram sold 10,000 shares of the company’s stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $240.62, for a total transaction of $2,406,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas H. Krause sold 2,595 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $267.34, for a total transaction of $693,747.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,383 shares of company stock valued at $25,949,184. Corporate insiders own 3.60% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC raised its stake in shares of Broadcom by 22,924.6% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,530,905 shares of the semiconductor manufacturer’s stock valued at $6,569,000 after buying an additional 1,524,256 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Broadcom by 80.3% in the 3rd quarter. Janus Henderson Group PLC now owns 3,397,443 shares of the semiconductor manufacturer’s stock valued at $823,980,000 after buying an additional 1,512,956 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Broadcom by 18.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock valued at $2,028,442,000 after buying an additional 1,338,695 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Broadcom by 26.7% in the 2nd quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock valued at $1,245,855,000 after buying an additional 1,128,052 shares in the last quarter. Finally, BlackRock Inc. raised its stake in shares of Broadcom by 3.5% in the 2nd quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock valued at $5,577,099,000 after buying an additional 798,982 shares in the last quarter. Hedge funds and other institutional investors own 88.98% of the company’s stock.
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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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