Traders Buy Broadcom Limited (AVGO) on Weakness

Investors purchased shares of Broadcom Limited (NASDAQ:AVGO) on weakness during trading on Tuesday. $131.62 million flowed into the stock on the tick-up and $104.67 million flowed out of the stock on the tick-down, for a money net flow of $26.95 million into the stock. Of all stocks tracked, Broadcom Limited had the 16th highest net in-flow for the day. Broadcom Limited traded down ($0.60) for the day and closed at $247.14

A number of equities analysts recently weighed in on the stock. B. Riley reissued a “buy” rating and set a $305.00 target price on shares of Broadcom Limited in a research note on Tuesday, May 30th. UBS AG reissued a “buy” rating and set a $265.00 target price (up previously from $245.00) on shares of Broadcom Limited in a research note on Monday, June 5th. Cowen and Company reissued a “buy” rating and set a $260.00 target price on shares of Broadcom Limited in a research note on Friday, August 11th. J P Morgan Chase & Co reissued a “buy” rating and set a $315.00 target price on shares of Broadcom Limited in a research note on Tuesday. Finally, Pacific Crest reaffirmed an “overweight” rating and issued a $280.00 price target on shares of Broadcom Limited in a research note on Wednesday, June 21st. Two analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $274.48.

The stock’s 50 day moving average is $249.74 and its 200-day moving average is $235.37. The firm has a market cap of $100.59 billion, a P/E ratio of 188.23 and a beta of 1.07.

Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.03 by $0.07. The company had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.89 earnings per share. On average, equities research analysts expect that Broadcom Limited will post $15.92 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 19th will be issued a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Monday, September 18th. Broadcom Limited’s payout ratio is 348.72%.

In related news, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total value of $2,445,900.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 3.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. FNY Managed Accounts LLC bought a new stake in Broadcom Limited during the 1st quarter worth approximately $100,000. AllSquare Wealth Management LLC raised its stake in Broadcom Limited by 38.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after acquiring an additional 133 shares during the period. Mountain Capital Investment Advisors Inc bought a new stake in Broadcom Limited during the 2nd quarter worth approximately $113,000. Shine Investment Advisory Services Inc. bought a new stake in Broadcom Limited during the 2nd quarter worth approximately $116,000. Finally, Archford Capital Strategies LLC raised its stake in Broadcom Limited by 45.4% during the 1st quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock worth $118,000 after acquiring an additional 168 shares during the period. Institutional investors own 90.04% of the company’s stock.

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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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