Avago Technologies Ltd. (AVGO) Receives New Coverage from Analysts at Wells Fargo & Co.
Wells Fargo & Co. assumed coverage on shares of Avago Technologies Ltd. (NASDAQ:AVGO) in a report published on Wednesday morning. The brokerage issued a market perform rating on the semiconductor manufacturer’s stock.
Several other equities research analysts have also recently issued reports on the company. B. Riley reissued a buy rating and set a $215.00 target price on shares of Avago Technologies in a research note on Sunday, September 4th. Canaccord Genuity raised their target price on Avago Technologies from $200.00 to $215.00 and gave the stock a buy rating in a research note on Friday, September 2nd. Drexel Hamilton raised their target price on Avago Technologies from $192.00 to $201.00 and gave the stock a buy rating in a research note on Friday, September 2nd. Vetr cut Avago Technologies from a buy rating to a hold rating and set a $170.30 target price for the company. in a research note on Wednesday, August 3rd. Finally, Brean Capital raised their target price on Avago Technologies to $205.00 and gave the stock a buy rating in a research note on Friday, September 2nd. Three research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $197.36.
Avago Technologies (NASDAQ:AVGO) traded down 0.61% on Wednesday, hitting $172.43. The stock had a trading volume of 654,584 shares. The firm’s 50-day moving average is $171.63 and its 200-day moving average is $159.69. The company’s market cap is $68.51 billion. Avago Technologies has a 52-week low of $112.38 and a 52-week high of $179.42.
Avago Technologies (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $2.89 EPS for the quarter, beating the consensus estimate of $2.77 by $0.12. Avago Technologies had a positive return on equity of 25.06% and a negative net margin of 6.20%. The firm earned $3.80 billion during the quarter. During the same period in the prior year, the business posted $2.24 EPS. Avago Technologies’s revenue for the quarter was up 117.3% compared to the same quarter last year. Equities research analysts anticipate that Avago Technologies will post $11.23 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were paid a dividend of $0.51 per share. The ex-dividend date was Thursday, September 15th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.18%. This is a positive change from Avago Technologies’s previous quarterly dividend of $0.50. Avago Technologies’s dividend payout ratio (DPR) is -208.16%.
In other news, VP Patricia H. Mccall sold 8,000 shares of the firm’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $154.37, for a total transaction of $1,234,960.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Henry Samueli sold 21,859 shares of the firm’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $154.84, for a total transaction of $3,384,647.56. The disclosure for this sale can be found here. Company insiders own 6.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. BlueMountain Capital Management LLC increased its position in Avago Technologies by 9.0% in the first quarter. BlueMountain Capital Management LLC now owns 1,250,451 shares of the semiconductor manufacturer’s stock worth $193,195,000 after buying an additional 103,585 shares in the last quarter. Junto Capital Management LP acquired a new position in Avago Technologies during the first quarter worth $31,070,000. Adage Capital Partners GP L.L.C. increased its position in Avago Technologies by 768.4% in the first quarter. Adage Capital Partners GP L.L.C. now owns 796,726 shares of the semiconductor manufacturer’s stock worth $123,094,000 after buying an additional 704,983 shares in the last quarter. Soroban Capital Partners LP increased its position in Avago Technologies by 155.2% in the first quarter. Soroban Capital Partners LP now owns 2,574,257 shares of the semiconductor manufacturer’s stock worth $397,723,000 after buying an additional 1,565,357 shares in the last quarter. Finally, Origin Asset Management LLP increased its position in Avago Technologies by 58.0% in the first quarter. Origin Asset Management LLP now owns 206,009 shares of the semiconductor manufacturer’s stock worth $31,828,000 after buying an additional 75,611 shares in the last quarter. Institutional investors and hedge funds own 91.45% of the company’s stock.
About Avago Technologies
Broadcom Limited is a semiconductor company. The Company offers a range of products in end-markets, including wired infrastructure, wireless communications, enterprise storage, and industrial and others. The Company’s products are used in various applications, including data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and displays.
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