Susquehanna Initiates Coverage on Avago Technologies Ltd. (AVGO)
Investment analysts at Susquehanna initiated coverage on shares of Avago Technologies Ltd. (NASDAQ:AVGO) in a research note issued to investors on Tuesday. The brokerage set a “positive” rating on the semiconductor manufacturer’s stock.
AVGO has been the subject of several other research reports. Nomura reaffirmed a “buy” rating and set a $200.00 target price on shares of Avago Technologies in a research note on Monday, August 8th. Vetr raised Avago Technologies from a “hold” rating to a “buy” rating and set a $162.73 target price for the company in a research note on Thursday, June 2nd. Zacks Investment Research cut Avago Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, June 2nd. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Avago Technologies in a research note on Tuesday, June 14th. Finally, Brean Capital reaffirmed a “buy” rating and set a $200.00 target price (up previously from $190.00) on shares of Avago Technologies in a research note on Tuesday, August 30th. Two equities research analysts have rated the stock with a hold rating, thirty-five have given a buy rating and three have assigned a strong buy rating to the stock. Avago Technologies has a consensus rating of “Buy” and an average target price of $194.64.
Shares of Avago Technologies (NASDAQ:AVGO) traded down 1.46% during midday trading on Tuesday, hitting $168.23. The stock had a trading volume of 1,872,728 shares. Avago Technologies has a 52 week low of $111.53 and a 52 week high of $179.42. The firm’s market cap is $66.84 billion. The company’s 50 day moving average is $171.41 and its 200 day moving average is $157.76.
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Avago Technologies (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $2.89 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.12. The company earned $3.80 billion during the quarter. Avago Technologies had a positive return on equity of 31.77% and a negative net margin of 6.20%. The company’s quarterly revenue was up 117.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.24 EPS. On average, equities analysts predict that Avago Technologies will post $11.24 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 19th will be given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 15th. This is a boost from Avago Technologies’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a dividend yield of 1.21%. Avago Technologies’s payout ratio is -208.16%.
In other news, SVP Charlie B. Kawwas sold 4,776 shares of Avago Technologies stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $165.94, for a total value of $792,529.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Patricia H. Mccall sold 8,000 shares of Avago Technologies stock in a transaction on Friday, July 8th. The shares were sold at an average price of $154.37, for a total value of $1,234,960.00. The disclosure for this sale can be found here. 6.20% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in AVGO. Perigon Wealth Management LLC bought a new position in shares of Avago Technologies during the second quarter valued at $1,528,000. Tealwood Asset Management Inc. boosted its position in shares of Avago Technologies by 0.4% in the second quarter. Tealwood Asset Management Inc. now owns 16,500 shares of the semiconductor manufacturer’s stock valued at $2,564,000 after buying an additional 60 shares during the period. Mitchell Mcleod Pugh & Williams Inc. bought a new position in shares of Avago Technologies during the second quarter valued at $318,000. Hollencrest Securities LLC boosted its position in shares of Avago Technologies by 1.2% in the second quarter. Hollencrest Securities LLC now owns 1,324 shares of the semiconductor manufacturer’s stock valued at $206,000 after buying an additional 16 shares during the period. Finally, Origin Asset Management LLP boosted its position in shares of Avago Technologies by 58.0% in the first quarter. Origin Asset Management LLP now owns 206,009 shares of the semiconductor manufacturer’s stock valued at $31,828,000 after buying an additional 75,611 shares during the period. Institutional investors own 91.46% of the company’s stock.
Avago Technologies Company Profile
Broadcom Limited is a semiconductor company. The Company offers a range of products in end-markets, including wired infrastructure, wireless communications, enterprise storage, and industrial and others. The Company’s products are used in various applications, including data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and displays.
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