Broadcom Limited’s (AVGO) “Top Pick” Rating Reaffirmed at Royal Bank Of Canada

Royal Bank Of Canada reiterated their top pick rating on shares of Broadcom Limited (NASDAQ:AVGO) in a research report released on Wednesday. Royal Bank Of Canada currently has a $285.00 target price on the semiconductor manufacturer’s stock.

Several other equities research analysts have also recently commented on the company. Sanford C. Bernstein reissued an outperform rating and set a $285.00 target price on shares of Broadcom Limited in a report on Tuesday. Mizuho reissued a buy rating and set a $290.00 target price on shares of Broadcom Limited in a report on Sunday. Bank of America Corporation reissued a buy rating and set a $300.00 target price on shares of Broadcom Limited in a report on Friday, October 6th. Morgan Stanley reissued an overweight rating and set a $290.00 target price on shares of Broadcom Limited in a report on Saturday, September 30th. Finally, Vetr raised Broadcom Limited from a buy rating to a strong-buy rating and set a $263.97 target price on the stock in a report on Tuesday, September 26th. One equities research analyst has rated the stock with a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the stock. Broadcom Limited currently has a consensus rating of Buy and an average price target of $276.80.

Broadcom Limited (AVGO) traded down 0.53% during trading on Wednesday, reaching $249.07. The company had a trading volume of 1,682,054 shares. Broadcom Limited has a 52-week low of $160.62 and a 52-week high of $259.36. The firm has a market capitalization of $101.62 billion, a P/E ratio of 189.70 and a beta of 1.08. The company has a 50-day moving average of $245.61 and a 200-day moving average of $239.18.

Broadcom Limited (NASDAQ:AVGO) last announced its earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, topping 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 firm had revenue of $4.47 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same quarter in the previous year, the company earned $2.89 earnings per share. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. Analysts expect that Broadcom Limited will post $15.91 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Tuesday, September 19th were issued a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Monday, September 18th. Broadcom Limited’s dividend payout ratio is presently 348.72%.

In other Broadcom Limited news, SVP Charlie B. Kawwas sold 1,788 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $247.28, for a total transaction of $442,136.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bryan Ingram sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $240.62, for a total transaction of $2,406,200.00. The disclosure for this sale can be found here. Insiders sold 61,788 shares of company stock valued at $15,098,237 over the last quarter. 3.60% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in AVGO. FNY Managed Accounts LLC bought a new stake in Broadcom Limited during the first quarter valued at about $100,000. Mountain Capital Investment Advisors Inc bought a new stake in Broadcom Limited during the second quarter valued at about $113,000. Shine Investment Advisory Services Inc. bought a new stake in Broadcom Limited during the second quarter valued at about $116,000. Archford Capital Strategies LLC boosted its holdings 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 acquiring an additional 168 shares during the period. Finally, D. Scott Neal Inc. bought a new stake in Broadcom Limited during the second quarter valued at about $127,000. Institutional investors own 89.71% of the company’s stock.

About Broadcom Limited

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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