Vetr upgraded shares of Broadcom Limited (NASDAQ:AVGO) from a buy rating to a strong-buy rating in a report issued on Tuesday morning. The firm currently has $260.93 price objective on the semiconductor manufacturer’s stock.
Several other equities research analysts have also commented on AVGO. Rosenblatt Securities reiterated a buy rating and set a $260.00 price objective on shares of Broadcom Limited in a research note on Wednesday, May 31st. Instinet reiterated a buy rating and set a $260.00 price objective (up from $230.00) on shares of Broadcom Limited in a research note on Wednesday, May 17th. Sanford C. Bernstein reiterated an outperform rating and set a $285.00 price objective (up from $265.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Canaccord Genuity reiterated a buy rating and set a $272.00 price objective (up from $250.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Finally, Barclays PLC reiterated an overweight rating and set a $290.00 price objective (up from $250.00) on shares of Broadcom Limited in a research note on Friday, June 2nd. One investment analyst has 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’s stock. Broadcom Limited has an average rating of Buy and an average price target of $258.37.
Shares of Broadcom Limited (AVGO) traded up 0.10% during mid-day trading on Tuesday, reaching $239.85. The company’s stock had a trading volume of 852,837 shares. Broadcom Limited has a 12-month low of $151.93 and a 12-month high of $256.78. The firm’s 50-day moving average price is $241.21 and its 200 day moving average price is $214.99. The firm’s market cap is $97.52 billion.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.50 by $0.19. Broadcom Limited had a positive return on equity of 24.15% and a negative net margin of 1.54%. The firm had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same quarter in the previous year, the business earned $2.53 EPS. Broadcom Limited’s revenue for the quarter was up 17.9% compared to the same quarter last year. On average, analysts expect that Broadcom Limited will post $15.77 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Monday, June 19th were given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Thursday, June 15th. Broadcom Limited’s dividend payout ratio is presently -566.66%.
In other Broadcom Limited news, SVP Bryan Ingram sold 30,000 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kirsten M. Spears sold 1,306 shares of the business’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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,306 shares of company stock valued at $10,380,120. 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 stock. FNY Managed Accounts LLC purchased a new position in Broadcom Limited during the first quarter worth about $100,000. AllSquare Wealth Management LLC raised its position in Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after buying an additional 133 shares during the last quarter. Crestwood Advisors Group LLC purchased a new position in Broadcom Limited during the first quarter worth about $111,000. Archford Capital Strategies LLC raised its position in Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock worth $118,000 after buying an additional 168 shares during the last quarter. Finally, Independent Advisor Alliance purchased a new position in Broadcom Limited during the fourth quarter worth about $127,000. 90.29% of the stock is owned by hedge funds and other institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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