Broadcom Limited (AVGO) Sees Large Increase in Short Interest
Broadcom Limited (NASDAQ:AVGO) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 3,800,288 shares, a growth of 31.3% from the August 15th total of 2,893,938 shares. Based on an average daily volume of 3,119,332 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.9% of the company’s stock are short sold.
Shares of Broadcom Limited (NASDAQ:AVGO) opened at 250.55 on Friday. Broadcom Limited has a 1-year low of $160.62 and a 1-year high of $259.36. The firm’s 50-day moving average price is $249.04 and its 200 day moving average price is $236.06. The company has a market capitalization of $102.22 billion, a PE ratio of 190.82 and a beta of 1.07.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.03 by $0.07. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The firm had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same period last year, the firm earned $2.89 EPS. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. Equities analysts predict that Broadcom Limited will post $15.92 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Tuesday, September 19th will be issued a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 1.63%. The ex-dividend date is Monday, September 18th. Broadcom Limited’s payout ratio is 348.72%.
Several research firms have issued reports on AVGO. KeyCorp reissued an “overweight” rating and issued a $280.00 price target on shares of Broadcom Limited in a research note on Wednesday, August 23rd. Rosenblatt Securities reissued a “buy” rating and issued a $270.00 price target on shares of Broadcom Limited in a research note on Wednesday, August 23rd. UBS AG reissued an “overweight” rating on shares of Broadcom Limited in a research note on Thursday, August 24th. Loop Capital reissued a “buy” rating and issued a $302.00 price target on shares of Broadcom Limited in a research note on Friday, August 25th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $290.00 price target (up previously from $260.00) on shares of Broadcom Limited in a research note on Friday, August 25th. Two investment analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $274.48.
In other Broadcom Limited news, SVP Bryan Ingram sold 30,000 shares of Broadcom Limited stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $244.01, for a total value of $7,320,300.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Charlie B. Kawwas sold 1,788 shares of Broadcom Limited stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $247.28, for a total value of $442,136.64. The disclosure for this sale can be found here. Insiders sold a total of 41,788 shares of company stock worth $10,208,337 in the last three months. Company insiders own 3.60% of the company’s stock.
Large investors have recently made changes to their positions in the business. Comerica Bank boosted its holdings in Broadcom Limited by 1.3% in the 1st quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock valued at $23,780,000 after purchasing an additional 1,375 shares during the period. Alps Advisors Inc. bought a new position in Broadcom Limited in the 2nd quarter valued at $221,000. Icon Advisers Inc. Co. boosted its holdings in Broadcom Limited by 4.0% in the 1st quarter. Icon Advisers Inc. Co. now owns 76,030 shares of the semiconductor manufacturer’s stock valued at $16,648,000 after purchasing an additional 2,900 shares during the period. Principal Financial Group Inc. boosted its holdings in Broadcom Limited by 14.4% in the 2nd quarter. Principal Financial Group Inc. now owns 667,057 shares of the semiconductor manufacturer’s stock valued at $155,459,000 after purchasing an additional 83,929 shares during the period. Finally, DSAM Partners London Ltd boosted its holdings in Broadcom Limited by 103.4% in the 2nd quarter. DSAM Partners London Ltd now owns 184,714 shares of the semiconductor manufacturer’s stock valued at $43,048,000 after purchasing an additional 93,890 shares during the period. 90.04% of the stock is owned by hedge funds and other institutional investors.
WARNING: “Broadcom Limited (AVGO) Sees Large Increase in Short Interest” was posted by American Banking News and is the property of of American Banking News. If you are reading this story on another publication, it was illegally copied and republished in violation of U.S. and international copyright and trademark laws. The original version of this story can be viewed at https://www.americanbankingnews.com/2017/09/16/broadcom-limited-avgo-sees-large-increase-in-short-interest.html.
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.
Receive News & Ratings for Broadcom Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom Limited and related companies with MarketBeat.com's FREE daily email newsletter.