Morgan Stanley Reiterates “Overweight” Rating for Broadcom Limited (AVGO)
Morgan Stanley reiterated their overweight rating on shares of Broadcom Limited (NASDAQ:AVGO) in a research report sent to investors on Saturday morning. They currently have a $290.00 target price on the semiconductor manufacturer’s stock.
A number of other brokerages have also issued reports on AVGO. Vetr raised shares of Broadcom Limited from a hold rating to a buy rating and set a $261.95 target price for the company in a research note on Monday, August 28th. Royal Bank Of Canada restated a buy rating and issued a $285.00 price target (up from $270.00) on shares of Broadcom Limited in a report on Saturday, August 26th. UBS AG reaffirmed a buy rating and issued a $265.00 price target on shares of Broadcom Limited in a research note on Monday, June 26th. Sanford C. Bernstein reaffirmed an outperform rating and issued a $285.00 price target (up previously from $265.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Finally, B. Riley reiterated a buy rating and set a $305.00 price objective on shares of Broadcom Limited in a report on Thursday, August 31st. One investment analyst has rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Broadcom Limited presently has an average rating of Buy and a consensus price target of $276.80.
Broadcom Limited (AVGO) opened at 239.50 on Friday. The stock has a market cap of $97.71 billion, a PE ratio of 182.41 and a beta of 1.08. Broadcom Limited has a 12 month low of $160.62 and a 12 month high of $259.36. The company’s 50 day moving average is $246.58 and its 200 day moving average is $238.13.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data 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 return on equity of 26.82% and a net margin of 3.12%. The company had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the prior year, the company posted $2.89 EPS. Broadcom Limited’s quarterly revenue was up 17.5% on a year-over-year basis. On average, analysts anticipate that Broadcom Limited will post $15.91 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Tuesday, September 19th were issued a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, September 18th. Broadcom Limited’s dividend payout ratio (DPR) is presently 348.72%.
In related news, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $244.01, for a total transaction of $7,320,300.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of Broadcom Limited stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $246.48, for a total value of $4,929,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,788 shares of company stock worth $15,098,237. 3.60% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Broadcom Limited by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock valued at $6,423,271,000 after buying an additional 793,335 shares during the last quarter. BlackRock Inc. grew its stake in shares of Broadcom Limited by 3.5% during the 2nd quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after purchasing an additional 798,982 shares during the period. State Street Corp grew its stake in shares of Broadcom Limited by 1.6% during the 2nd quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock worth $3,742,946,000 after purchasing an additional 255,044 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Broadcom Limited by 18.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after purchasing an additional 1,338,695 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Broadcom Limited by 29.3% during the 1st quarter. Wellington Management Group LLP now owns 6,710,760 shares of the semiconductor manufacturer’s stock worth $1,469,388,000 after purchasing an additional 1,519,598 shares during the period. 89.71% 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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