Mizuho Reaffirms “Buy” Rating for Broadcom Limited (AVGO)
Mizuho reaffirmed their buy rating on shares of Broadcom Limited (NASDAQ:AVGO) in a research note released on Saturday morning. They currently have a $290.00 price objective on the semiconductor manufacturer’s stock, up from their previous price objective of $275.00.
A number of other research firms also recently weighed in on AVGO. Rosenblatt Securities reissued a buy rating and set a $260.00 price target on shares of Broadcom Limited in a research note on Wednesday, May 31st. Instinet reissued a buy rating and set a $260.00 price target (up from $230.00) on shares of Broadcom Limited in a research note on Wednesday, May 17th. UBS AG reissued a buy rating and set a $265.00 price target on shares of Broadcom Limited in a research note on Monday, June 26th. Sanford C. Bernstein reissued an outperform rating and set a $285.00 price target (up from $265.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Finally, Canaccord Genuity reissued a buy rating and set a $272.00 price target (up from $250.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. One investment analyst has rated the stock with a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $268.12.
Shares of Broadcom Limited (NASDAQ AVGO) opened at 241.73 on Friday. Broadcom Limited has a 52 week low of $158.75 and a 52 week high of $259.36. The stock’s 50 day moving average price is $249.87 and its 200 day moving average price is $232.19. The stock has a market cap of $98.38 billion, a price-to-earnings ratio of 184.11 and a beta of 1.05.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly 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 business had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. Broadcom Limited’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.89 earnings per share. Equities research analysts anticipate that Broadcom Limited will post $15.92 EPS for the current fiscal year.
In other news, SVP Bryan Ingram sold 10,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total value of $2,445,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kirsten M. Spears sold 1,306 shares of the stock in a transaction dated 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. Insiders sold 41,306 shares of company stock worth $10,380,120 over the last three months. Insiders own 3.60% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. FNY Managed Accounts LLC bought a new position in shares of Broadcom Limited during the first quarter valued at $100,000. AllSquare Wealth Management LLC raised its position in Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after buying an additional 133 shares in the last quarter. Mountain Capital Investment Advisors Inc acquired a new position in Broadcom Limited during the second quarter worth approximately $113,000. Shine Investment Advisory Services Inc. acquired a new position in Broadcom Limited during the second quarter worth approximately $116,000. Finally, Archford Capital Strategies LLC raised its position in Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock worth $118,000 after buying an additional 168 shares in the last quarter. 90.03% of the stock is currently owned by institutional investors.
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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