Susquehanna Initiates Coverage on Avago Technologies Ltd. (AVGO)
Equities research analysts at Susquehanna started coverage on shares of Avago Technologies Ltd. (NASDAQ:AVGO) in a research report issued on Tuesday. The firm set a “positive” rating on the semiconductor manufacturer’s stock.
A number of other research firms also recently weighed in on AVGO. Vetr raised shares of Avago Technologies from a “sell” rating to a “hold” rating and set a $180.18 price target for the company in a research note on Tuesday, August 30th. Citigroup Inc. initiated coverage on shares of Avago Technologies in a research note on Tuesday, August 30th. They set a “buy” rating and a $205.00 price target for the company. Brean Capital reissued a “buy” rating and set a $200.00 price target (up from $190.00) on shares of Avago Technologies in a research note on Tuesday, August 30th. Mizuho boosted their price target on shares of Avago Technologies from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, August 29th. Finally, Nomura dropped their price target on shares of Avago Technologies to $200.00 and set a “buy” rating for the company in a research note on Thursday, September 15th. Two research analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $194.64.
Shares of Avago Technologies (NASDAQ:AVGO) opened at 170.73 on Tuesday. Avago Technologies has a 52 week low of $111.53 and a 52 week high of $179.42. The firm’s 50 day moving average is $171.41 and its 200-day moving average is $157.76. The firm’s market cap is $67.84 billion.
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Avago Technologies (NASDAQ:AVGO) last announced its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $2.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.77 by $0.12. Avago Technologies had a negative net margin of 6.20% and a positive return on equity of 31.77%. The company earned $3.80 billion during the quarter. During the same period in the prior year, the firm posted $2.24 earnings per share. The company’s revenue was up 117.3% on a year-over-year basis. Equities research analysts predict that Avago Technologies will post $11.23 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 19th will be given a $0.51 dividend. The ex-dividend date is Thursday, September 15th. This represents a $2.04 annualized dividend and a yield of 1.19%. This is an increase from Avago Technologies’s previous quarterly dividend of $0.50. Avago Technologies’s dividend payout ratio (DPR) is presently -208.16%.
In related news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Charlie B. Kawwas sold 4,776 shares of Avago Technologies stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $165.94, for a total transaction of $792,529.44. The disclosure for this sale can be found here. 6.20% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of AVGO. BlueMountain Capital Management LLC increased its stake in Avago Technologies by 9.0% in the first quarter. BlueMountain Capital Management LLC now owns 1,250,451 shares of the semiconductor manufacturer’s stock valued at $193,195,000 after buying an additional 103,585 shares during the last quarter. Junto Capital Management LP purchased a new position in Avago Technologies during the first quarter worth about $31,070,000. Origin Asset Management LLP increased its position in Avago Technologies by 58.0% in the first quarter. Origin Asset Management LLP now owns 206,009 shares of the semiconductor manufacturer’s stock worth $31,828,000 after buying an additional 75,611 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in Avago Technologies by 768.4% in the first quarter. Adage Capital Partners GP L.L.C. now owns 796,726 shares of the semiconductor manufacturer’s stock worth $123,094,000 after buying an additional 704,983 shares in the last quarter. Finally, Soroban Capital Partners LP increased its position in Avago Technologies by 155.2% in the first quarter. Soroban Capital Partners LP now owns 2,574,257 shares of the semiconductor manufacturer’s stock worth $397,723,000 after buying an additional 1,565,357 shares in the last quarter. 91.46% of the stock is owned by institutional investors and hedge funds.
About Avago Technologies
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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