Broadcom Ltd (NASDAQ:AVGO) released its quarterly earnings results on Wednesday. The semiconductor manufacturer reported $3.63 EPS for the quarter, topping analysts’ consensus estimates of $3.02 by $0.61. Broadcom had a negative net margin of 13.13% and a positive return on equity of 22.77%. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the previous year, the firm earned $2.41 EPS. Broadcom’s revenue was up 132.8% on a year-over-year basis.
Shares of Broadcom (NASDAQ:AVGO) traded up 0.34% during mid-day trading on Friday, hitting $218.25. 1,641,796 shares of the stock were exchanged. Broadcom has a 12-month low of $139.18 and a 12-month high of $227.75. The firm has a 50-day moving average price of $214.62 and a 200 day moving average price of $185.54. The company’s market capitalization is $87.60 billion.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Monday, March 20th were paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Thursday, March 16th. Broadcom’s payout ratio is -100.49%.
A number of research firms have commented on AVGO. Royal Bank of Canada restated a “top pick” rating and set a $200.00 price target on shares of Broadcom in a research report on Wednesday, December 21st. Rosenblatt Securities began coverage on shares of Broadcom in a research report on Wednesday, February 22nd. They set a “buy” rating and a $250.00 price target on the stock. Morgan Stanley restated an “overweight” rating and set a $210.00 price target on shares of Broadcom in a research report on Saturday, December 10th. Deutsche Bank AG boosted their price target on shares of Broadcom from $235.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, March 2nd. Finally, Jefferies Group LLC boosted their price target on shares of Broadcom from $210.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, March 2nd. Two analysts have rated the stock with a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the stock. Broadcom currently has an average rating of “Buy” and an average price target of $228.54.
In other news, SVP Bryan Ingram sold 13,207 shares of the company’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $220.00, for a total value of $2,905,540.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Charlie B. Kawwas sold 4,398 shares of the company’s stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $219.10, for a total value of $963,601.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,294,108 shares of company stock valued at $477,197,133. 6.20% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of AVGO. Norges Bank acquired a new stake in Broadcom during the fourth quarter worth about $589,052,000. Renaissance Technologies LLC acquired a new stake in Broadcom during the fourth quarter worth about $179,332,000. Lone Pine Capital LLC boosted its stake in Broadcom by 36.7% in the fourth quarter. Lone Pine Capital LLC now owns 3,563,465 shares of the semiconductor manufacturer’s stock worth $629,914,000 after buying an additional 956,872 shares during the last quarter. Swedbank acquired a new stake in Broadcom during the third quarter worth about $100,658,000. Finally, State Street Corp boosted its stake in Broadcom by 3.1% in the fourth quarter. State Street Corp now owns 15,222,155 shares of the semiconductor manufacturer’s stock worth $2,690,819,000 after buying an additional 464,591 shares during the last quarter. 91.85% of the stock is owned by institutional investors and hedge funds.
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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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