Broadcom Limited (NASDAQ:AVGO) had its target price upped by Cowen and Company from $260.00 to $270.00 in a research note published on Sunday morning. The firm currently has an outperform rating on the semiconductor manufacturer’s stock.
Several other brokerages have also issued reports on AVGO. Morgan Stanley reaffirmed an overweight rating and set a $265.00 target price (up from $245.00) on shares of Broadcom Limited in a research report on Thursday, May 25th. Mizuho reaffirmed a buy rating and set a $265.00 target price (up from $250.00) on shares of Broadcom Limited in a research report on Sunday, May 28th. Zacks Investment Research lowered Broadcom Limited from a buy rating to a hold rating in a research report on Tuesday, May 2nd. Pacific Crest reaffirmed an overweight rating and set a $260.00 target price on shares of Broadcom Limited in a research report on Wednesday, May 31st. Finally, Craig Hallum raised their target price on Broadcom Limited from $260.00 to $290.00 and gave the company a buy rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $268.40.
Shares of Broadcom Limited (NASDAQ:AVGO) traded down 0.42% on Friday, hitting $244.56. 451,595 shares of the stock traded hands. The firm has a market capitalization of $99.54 billion, a PE ratio of 186.26 and a beta of 1.05. Broadcom Limited has a 52 week low of $158.75 and a 52 week high of $259.36. The firm’s 50 day moving average is $249.87 and its 200 day moving average is $232.19.
Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, beating the consensus estimate of $4.03 by $0.07. Broadcom Limited had a return on equity of 27.01% and a net margin of 3.12%. The business had revenue of $4.47 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same period last year, the business earned $2.89 EPS. The business’s revenue was up 17.5% on a year-over-year basis. On average, analysts expect that Broadcom Limited will post $15.90 EPS for the current fiscal year.
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In other news, insider Kirsten M. Spears sold 1,306 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $254.15, for a total transaction of $331,919.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Bryan Ingram sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $253.41, for a total value of $7,602,300.00. The disclosure for this sale can be found here. Insiders sold a total of 41,306 shares of company stock worth $10,380,120 over the last ninety days. Insiders own 3.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of AVGO. Vanguard Group Inc. boosted its position in Broadcom Limited by 3.0% in the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock valued at $6,423,271,000 after buying an additional 793,335 shares during the period. BlackRock Inc. boosted its position in Broadcom Limited by 3.5% in the second 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 during the period. State Street Corp boosted its position in Broadcom Limited by 1.6% in the second quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock valued at $3,742,946,000 after buying an additional 255,044 shares during the period. Ameriprise Financial Inc. boosted its position in Broadcom Limited by 18.2% in the second 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 during the period. Finally, Wellington Management Group LLP boosted its position in Broadcom Limited by 29.3% in the first quarter. Wellington Management Group LLP now owns 6,710,760 shares of the semiconductor manufacturer’s stock valued at $1,469,388,000 after buying an additional 1,519,598 shares during the period. 90.03% of the stock is currently owned by hedge funds and other institutional investors.
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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