Zacks Investment Research upgraded shares of Broadcom Limited (NASDAQ:AVGO) from a hold rating to a buy rating in a report published on Tuesday morning. The brokerage currently has $272.00 target price on the semiconductor manufacturer’s stock.

According to Zacks, “Broadcom reported impressive third-quarter fiscal 2017 results. The strong top-line growth was driven by robust performance from the wireless business, which is expected to continue in the fiscal fourth quarter. Higher dollar content at the company’s large North American smartphone customer’s (Apple) next-gen platform (iPhone) drove revenues. Robust industrial re-sales were also noticeable. Broadcom now expects fourth-quarter revenue growth to be in the double-digit range on a year-over-year basis, much similar to the second and third quarter. However, gross margin is expected to contract slightly due to unfavorable product mix (higher mix of low margin wireless business). We note that consistent results has helped the stock outperform the industry on a year-to-date basis.”

AVGO has been the topic of a number of other reports. Deutsche Bank AG boosted their price objective on shares of Broadcom Limited from $275.00 to $295.00 and gave the company a buy rating in a report on Friday, August 25th. Morgan Stanley reissued an overweight rating and set a $265.00 price objective (up from $245.00) on shares of Broadcom Limited in a report on Thursday, May 25th. Pacific Crest reissued an overweight rating and set a $260.00 price objective on shares of Broadcom Limited in a report on Wednesday, May 31st. Drexel Hamilton reissued a buy rating and set a $292.00 price objective on shares of Broadcom Limited in a report on Saturday, August 26th. Finally, B. Riley reissued an avgo ( rating and set a $305.00 price objective on shares of Broadcom Limited in a report on Monday, August 21st. Two investment analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and two have issued a strong buy rating to the company’s stock. Broadcom Limited has an average rating of Buy and an average target price of $271.98.

Broadcom Limited (NASDAQ:AVGO) opened at 252.73 on Tuesday. The company has a market capitalization of $102.86 billion, a PE ratio of 192.48 and a beta of 1.07. Broadcom Limited has a 12-month low of $158.75 and a 12-month high of $259.36. The stock’s 50 day moving average price is $250.42 and its 200 day moving average price is $233.65.

Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.03 by $0.07. The firm had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.89 earnings per share. On average, equities analysts anticipate that Broadcom Limited will post $15.92 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Tuesday, September 19th will be paid a $1.02 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $4.08 annualized dividend and a dividend yield of 1.61%. Broadcom Limited’s dividend payout ratio (DPR) is 348.72%.

In other news, SVP Bryan Ingram sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total value of $2,445,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kirsten M. Spears sold 1,306 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total transaction of $331,919.90. The disclosure for this sale can be found here. In the last three months, insiders sold 41,306 shares of company stock valued at $10,380,120. Corporate insiders own 3.60% of the company’s stock.

Several hedge funds have recently bought and sold shares of AVGO. Peapack Gladstone Financial Corp boosted its stake in Broadcom Limited by 0.4% in the first quarter. Peapack Gladstone Financial Corp now owns 2,148 shares of the semiconductor manufacturer’s stock valued at $470,000 after buying an additional 9 shares during the period. Spectrum Management Group Inc. boosted its stake in Broadcom Limited by 0.4% in the second quarter. Spectrum Management Group Inc. now owns 2,365 shares of the semiconductor manufacturer’s stock valued at $551,000 after buying an additional 10 shares during the period. Private Trust Co. NA boosted its stake in Broadcom Limited by 0.7% in the second quarter. Private Trust Co. NA now owns 1,977 shares of the semiconductor manufacturer’s stock valued at $460,000 after buying an additional 13 shares during the period. IHT Wealth Management LLC boosted its stake in Broadcom Limited by 1.4% in the first quarter. IHT Wealth Management LLC now owns 1,094 shares of the semiconductor manufacturer’s stock valued at $238,000 after buying an additional 15 shares during the period. Finally, CWA Asset Management Group LLC boosted its stake in Broadcom Limited by 0.9% in the second quarter. CWA Asset Management Group LLC now owns 1,917 shares of the semiconductor manufacturer’s stock valued at $447,000 after buying an additional 17 shares during the period. 90.03% of the stock is owned by institutional investors and hedge funds.

Broadcom Limited Company Profile

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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