Investors Buy Broadcom (AVGO) on Weakness
Traders purchased shares of Broadcom Ltd (NASDAQ:AVGO) on weakness during trading hours on Tuesday. $229.77 million flowed into the stock on the tick-up and $145.51 million flowed out of the stock on the tick-down, for a money net flow of $84.26 million into the stock. Of all equities tracked, Broadcom had the 6th highest net in-flow for the day. Broadcom traded down ($3.77) for the day and closed at $268.50
AVGO has been the topic of a number of analyst reports. Barclays boosted their price objective on Broadcom from $290.00 to $300.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. B. Riley upped their target price on Broadcom from $305.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, November 2nd. Royal Bank of Canada increased their price objective on Broadcom from $300.00 to $315.00 and gave the company a “top pick” rating in a research report on Monday, November 20th. KeyCorp restated a “buy” rating and set a $290.00 target price on shares of Broadcom in a report on Tuesday, October 17th. Finally, Zacks Investment Research cut Broadcom from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Five investment analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $302.66.
The stock has a market cap of $107,230.00, a price-to-earnings ratio of 66.88, a PEG ratio of 1.16 and a beta of 1.04. The company has a debt-to-equity ratio of 0.75, a quick ratio of 5.68 and a current ratio of 6.26.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.52 by $0.07. Broadcom had a net margin of 10.18% and a return on equity of 28.64%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same quarter in the previous year, the firm posted $3.47 EPS. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. equities research analysts forecast that Broadcom Ltd will post 16.99 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Tuesday, December 19th were issued a dividend of $1.75 per share. This is a boost from Broadcom’s previous quarterly dividend of $1.02. This represents a $7.00 annualized dividend and a yield of 2.66%. The ex-dividend date was Monday, December 18th. Broadcom’s payout ratio is currently 178.12%.
In other Broadcom news, SVP Bryan Ingram sold 794 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total transaction of $205,328.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 789 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $264.38, for a total value of $208,595.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,674 shares of company stock valued at $22,311,790. 3.60% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Chicago Equity Partners LLC bought a new position in Broadcom during the 2nd quarter worth $205,000. Schroder Investment Management Group increased its position in Broadcom by 44.5% during the 2nd quarter. Schroder Investment Management Group now owns 96,847 shares of the semiconductor manufacturer’s stock worth $22,666,000 after buying an additional 29,847 shares during the period. Martingale Asset Management L P increased its position in Broadcom by 35.1% during the 2nd quarter. Martingale Asset Management L P now owns 8,113 shares of the semiconductor manufacturer’s stock worth $1,891,000 after buying an additional 2,107 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Broadcom by 6.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,144 shares of the semiconductor manufacturer’s stock worth $965,000 after purchasing an additional 259 shares during the period. Finally, Fiera Capital Corp increased its position in shares of Broadcom by 2.3% in the second quarter. Fiera Capital Corp now owns 40,961 shares of the semiconductor manufacturer’s stock worth $9,546,000 after purchasing an additional 937 shares during the period. 88.48% of the stock is owned by institutional investors.
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Broadcom 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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