Investors Buy Shares of Broadcom Limited (AVGO) on Weakness

Investors purchased shares of Broadcom Limited (NASDAQ:AVGO) on weakness during trading on Friday. $140.87 million flowed into the stock on the tick-up and $98.53 million flowed out of the stock on the tick-down, for a money net flow of $42.34 million into the stock. Of all equities tracked, Broadcom Limited had the 20th highest net in-flow for the day. Broadcom Limited traded down ($0.05) for the day and closed at $244.24

AVGO has been the topic of several recent research reports. UBS AG reissued a “buy” rating and set a $265.00 price target on shares of Broadcom Limited in a research report on Monday, June 26th. B. Riley reiterated a “buy” rating and issued a $305.00 price target on shares of Broadcom Limited in a report on Saturday, August 26th. Vetr upgraded Broadcom Limited from a “hold” rating to a “buy” rating and set a $258.25 price objective for the company in a research note on Monday, August 14th. Jefferies Group LLC set a $286.00 price objective on Broadcom Limited and gave the stock a “buy” rating in a research note on Wednesday. Finally, BidaskClub downgraded Broadcom Limited from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. One investment analyst has rated the stock with a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $277.51.

The company has a 50-day moving average of $244.97 and a 200-day moving average of $240.32. The company has a market capitalization of $99.64 billion, a price-to-earnings ratio of 186.02 and a beta of 1.08.

Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.03 by $0.07. The business 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%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.89 earnings per share. Analysts forecast that Broadcom Limited will post $15.91 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Tuesday, September 19th were paid a $1.02 dividend. This represents a $4.08 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Monday, September 18th. Broadcom Limited’s dividend payout ratio (DPR) is currently 348.72%.

In related news, SVP Charlie B. Kawwas sold 1,788 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $247.28, for a total value of $442,136.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bryan Ingram sold 30,000 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $244.01, for a total value of $7,320,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,788 shares of company stock valued at $20,054,837. 3.60% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Alps Advisors Inc. bought a new position in shares of Broadcom Limited during the 2nd quarter worth about $221,000. Principal Financial Group Inc. boosted its position in shares of Broadcom Limited by 14.4% during the 2nd quarter. Principal Financial Group Inc. now owns 667,057 shares of the semiconductor manufacturer’s stock worth $155,459,000 after purchasing an additional 83,929 shares in the last quarter. DSAM Partners London Ltd boosted its position in shares of Broadcom Limited by 103.4% during the 2nd quarter. DSAM Partners London Ltd now owns 184,714 shares of the semiconductor manufacturer’s stock worth $43,048,000 after purchasing an additional 93,890 shares in the last quarter. Segment Wealth Management LLC boosted its position in shares of Broadcom Limited by 6.1% during the 2nd quarter. Segment Wealth Management LLC now owns 14,030 shares of the semiconductor manufacturer’s stock worth $3,269,000 after purchasing an additional 810 shares in the last quarter. Finally, Teachers Advisors LLC boosted its position in shares of Broadcom Limited by 0.3% during the 2nd quarter. Teachers Advisors LLC now owns 1,280,437 shares of the semiconductor manufacturer’s stock worth $298,406,000 after purchasing an additional 4,357 shares in the last quarter. Hedge funds and other institutional investors own 89.65% 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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