RBC Capital Markets Reaffirms Outperform Rating for Avago Technologies Ltd. (AVGO)
Avago Technologies Ltd. (NASDAQ:AVGO)‘s stock had its “outperform” rating reissued by stock analysts at RBC Capital Markets in a research note issued on Monday. They presently have a $190.00 price target on the semiconductor manufacturer’s stock. RBC Capital Markets’ target price would suggest a potential upside of 11.71% from the stock’s current price.
Other research analysts also recently issued research reports about the company. Pacific Crest reiterated a “buy” rating on shares of Avago Technologies in a report on Tuesday, August 16th. Vetr downgraded Avago Technologies from a “strong-buy” rating to a “buy” rating and set a $170.30 price target on the stock. in a research note on Monday, July 11th. BMO Capital Markets restated a “buy” rating and set a $200.00 price target on shares of Avago Technologies in a research note on Sunday, July 10th. SunTrust Banks Inc. restated a “buy” rating on shares of Avago Technologies in a research note on Saturday, June 25th. Finally, Brean Capital restated a “buy” rating and set a $190.00 price target on shares of Avago Technologies in a research note on Thursday, June 23rd. Three investment analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Avago Technologies currently has an average rating of “Buy” and an average price target of $196.50.
Shares of Avago Technologies (NASDAQ:AVGO) traded down 0.68% on Monday, hitting $168.93. The stock had a trading volume of 911,007 shares. The firm’s 50-day moving average is $170.99 and its 200-day moving average is $160.52. Avago Technologies has a one year low of $114.25 and a one year high of $179.42. The company’s market cap is $67.12 billion.
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Avago Technologies (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $2.89 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.12. Avago Technologies had a positive return on equity of 25.06% and a negative net margin of 6.20%. The business had revenue of $3.80 billion for the quarter. During the same quarter in the previous year, the company posted $2.24 EPS. The company’s revenue was up 117.3% compared to the same quarter last year. On average, analysts expect that Avago Technologies will post $11.23 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, September 15th. This represents a $2.04 annualized dividend and a yield of 1.20%. This is a boost from Avago Technologies’s previous quarterly dividend of $0.50. Avago Technologies’s dividend payout ratio is presently -208.16%.
In other Avago Technologies news, SVP Charlie B. Kawwas sold 4,776 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $165.94, for a total transaction of $792,529.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Patricia H. Mccall sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $164.50, for a total value of $411,250.00. The disclosure for this sale can be found here. Company insiders own 6.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Hollencrest Securities LLC boosted its stake 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 last quarter. Tealwood Asset Management Inc. raised its position in 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. Guardian Life Insurance Co of America raised its position in Avago Technologies by 15.7% in the first quarter. Guardian Life Insurance Co of America now owns 1,439 shares of the semiconductor manufacturer’s stock valued at $222,000 after buying an additional 195 shares during the period. Harvest Capital Strategies LLC raised its position in Avago Technologies by 4.2% in the first quarter. Harvest Capital Strategies LLC now owns 17,012 shares of the semiconductor manufacturer’s stock valued at $2,628,000 after buying an additional 678 shares during the period. Finally, Park Avenue Institutional Advisers LLC raised its position in Avago Technologies by 44.5% in the first quarter. Park Avenue Institutional Advisers LLC now owns 2,450 shares of the semiconductor manufacturer’s stock valued at $379,000 after buying an additional 754 shares during the period. Hedge funds and other institutional investors own 91.48% of the company’s stock.
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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