Equities research analysts at Wells Fargo & Co. started coverage on shares of Avago Technologies Ltd. (NASDAQ:AVGO) in a research report issued on Wednesday. The firm set a “market perform” rating on the semiconductor manufacturer’s stock.
A number of other analysts have also recently issued reports on AVGO. Vetr cut Avago Technologies from a “hold” rating to a “sell” rating and set a $155.36 target price for the company. in a report on Friday, August 12th. Bank of America Corp. reiterated a “buy” rating and set a $215.00 target price (up previously from $210.00) on shares of Avago Technologies in a report on Tuesday, September 6th. B. Riley reiterated a “buy” rating and set a $200.00 target price on shares of Avago Technologies in a report on Tuesday, August 30th. Susquehanna assumed coverage on Avago Technologies in a report on Tuesday, September 20th. They set a “positive” rating and a $200.00 target price for the company. Finally, Mizuho boosted their target price on Avago Technologies from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, August 29th. Three equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $197.36.
Avago Technologies (NASDAQ:AVGO) opened at 174.19 on Wednesday. Avago Technologies has a 52 week low of $112.38 and a 52 week high of $179.42. The firm has a 50-day moving average of $171.67 and a 200 day moving average of $159.79. The stock’s market capitalization is $69.21 billion.
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. The company earned $3.80 billion during the quarter. Avago Technologies had a positive return on equity of 25.06% and a negative net margin of 6.20%. The firm’s quarterly revenue was up 117.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.24 EPS. On average, analysts anticipate that Avago Technologies will post $11.23 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were issued a dividend of $0.51 per share. This is a positive change from Avago Technologies’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, September 15th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.17%. Avago Technologies’s dividend payout ratio is currently -208.16%.
In other Avago Technologies news, insider Henry Samueli sold 21,859 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $154.84, for a total value of $3,384,647.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Bryan Ingram sold 31,488 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $169.27, for a total value of $5,329,973.76. The disclosure for this sale can be found here. Insiders own 6.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in Avago Technologies during the first quarter worth about $411,000. IFP Advisors Inc increased its stake in shares of Avago Technologies by 95.5% in the first quarter. IFP Advisors Inc now owns 1,521 shares of the semiconductor manufacturer’s stock worth $235,000 after buying an additional 743 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Avago Technologies during the first quarter worth approximately $4,514,000. Columbia Partners L L C Investment Management purchased a new stake in shares of Avago Technologies during the first quarter worth approximately $1,148,000. Finally, Nikko Asset Management Americas Inc. purchased a new stake in shares of Avago Technologies during the first quarter worth approximately $455,000. 91.45% of the stock is currently owned by hedge funds and other institutional investors.
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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