Broadcom Limited (AVGO) Stock Rating Reaffirmed by SunTrust Banks, Inc.
Broadcom Limited (NASDAQ:AVGO)‘s stock had its “buy” rating reaffirmed by SunTrust Banks, Inc. in a research note issued to investors on Thursday. They presently have a $281.00 target price on the semiconductor manufacturer’s stock. SunTrust Banks, Inc.’s price objective suggests a potential upside of 12.22% from the stock’s previous close.
A number of other equities analysts have also recently weighed in on the company. Royal Bank Of Canada restated a “top pick” rating and issued a $285.00 price target on shares of Broadcom Limited in a report on Wednesday. Sanford C. Bernstein restated an “outperform” rating and issued a $285.00 price target on shares of Broadcom Limited in a report on Tuesday. Mizuho restated a “buy” rating and issued a $290.00 price target on shares of Broadcom Limited in a report on Sunday. Bank of America Corporation restated a “buy” rating and issued a $300.00 price target on shares of Broadcom Limited in a report on Friday, October 6th. Finally, Morgan Stanley restated an “overweight” rating and issued a $290.00 price target on shares of Broadcom Limited in a report on Saturday, September 30th. One analyst has rated the stock with a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company. Broadcom Limited presently has a consensus rating of “Buy” and a consensus target price of $276.93.
Shares of Broadcom Limited (NASDAQ AVGO) traded down 0.67% during mid-day trading on Thursday, reaching $248.71. 1,888,418 shares of the company traded hands. The company has a market capitalization of $101.47 billion, a P/E ratio of 189.42 and a beta of 1.08. Broadcom Limited has a 52-week low of $160.62 and a 52-week high of $259.36. The firm’s 50 day moving average price is $245.61 and its 200-day moving average price is $239.18.
Broadcom Limited (NASDAQ:AVGO) last released 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 firm had revenue of $4.47 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. Broadcom Limited’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.89 EPS. Equities analysts predict that Broadcom Limited will post $15.91 earnings per share for the current fiscal year.
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In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $246.48, for a total transaction of $4,929,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $240.62, for a total value of $2,406,200.00. The disclosure for this sale can be found here. Insiders have sold 61,788 shares of company stock valued at $15,098,237 in the last ninety days. Company insiders own 3.60% of the company’s stock.
A number of hedge funds have recently made changes to their positions in AVGO. FNY Managed Accounts LLC bought a new position in Broadcom Limited during the first quarter valued at about $100,000. Mountain Capital Investment Advisors Inc bought a new position in Broadcom Limited during the second quarter valued at about $113,000. Shine Investment Advisory Services Inc. bought a new position in Broadcom Limited during the second quarter valued at about $116,000. Archford Capital Strategies LLC boosted its stake in Broadcom Limited by 45.4% during the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock valued at $118,000 after buying an additional 168 shares in the last quarter. Finally, D. Scott Neal Inc. bought a new position in Broadcom Limited during the second quarter valued at about $127,000. 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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