Broadcom Limited’s (AVGO) “Top Pick” Rating Reiterated at Royal Bank Of Canada
Broadcom Limited (NASDAQ:AVGO)‘s stock had its “top pick” rating reissued by investment analysts at Royal Bank Of Canada in a research note issued to investors on Monday. They currently have a $285.00 price objective on the semiconductor manufacturer’s stock. Royal Bank Of Canada’s target price points to a potential upside of 21.42% from the stock’s previous close.
AVGO has been the subject of a number of other research reports. Deutsche Bank AG boosted their target price on Broadcom Limited from $275.00 to $295.00 and gave the stock a “buy” rating in a research report on Friday, August 25th. Vetr downgraded Broadcom Limited from a “buy” rating to a “hold” rating and set a $261.95 target price for the company. in a research report on Monday, September 4th. Pacific Crest reaffirmed an “overweight” rating and issued a $260.00 price target on shares of Broadcom Limited in a research note on Wednesday, May 31st. B. Riley reaffirmed an “avgo (” rating and issued a $305.00 price target on shares of Broadcom Limited in a research note on Monday, August 21st. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $292.00 price target on shares of Broadcom Limited in a research note on Saturday, August 26th. Two equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $276.74.
Broadcom Limited (NASDAQ AVGO) traded down 1.53% on Monday, hitting $235.59. The stock had a trading volume of 3,437,347 shares. Broadcom Limited has a 1-year low of $160.62 and a 1-year high of $259.36. The company has a 50-day moving average price of $249.11 and a 200-day moving average price of $236.86. The stock has a market capitalization of $96.12 billion, a price-to-earnings ratio of 179.43 and a beta of 1.07.
Broadcom Limited (NASDAQ:AVGO) last released its earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.03 by $0.07. The company had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. Broadcom Limited’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.89 EPS. Equities analysts predict that Broadcom Limited will post $15.92 earnings per share for the current year.
In other Broadcom Limited news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $246.48, for a total value of $4,929,600.00. 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 the 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. Over the last ninety days, insiders have sold 51,788 shares of company stock worth $12,692,037. Corporate insiders own 3.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of AVGO. BlackRock Inc. increased its position in Broadcom Limited by 2,707.3% in the first quarter. BlackRock Inc. now owns 23,131,935 shares of the semiconductor manufacturer’s stock worth $5,064,971,000 after buying an additional 22,307,935 shares in the last quarter. Vanguard Group Inc. increased its position in Broadcom Limited by 7.0% in the first quarter. Vanguard Group Inc. now owns 26,768,435 shares of the semiconductor manufacturer’s stock worth $5,861,217,000 after buying an additional 1,746,144 shares in the last quarter. Harbour Capital Advisors LLC increased its position in Broadcom Limited by 22,924.6% in the second quarter. Harbour Capital Advisors LLC now owns 1,530,905 shares of the semiconductor manufacturer’s stock worth $6,569,000 after buying an additional 1,524,256 shares in the last quarter. Wellington Management Group LLP increased 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 worth $1,469,388,000 after buying an additional 1,519,598 shares in the last quarter. Finally, Ameriprise Financial Inc. increased 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 worth $2,028,442,000 after buying an additional 1,338,695 shares in the last quarter. 89.70% of the stock is currently owned by 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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