Published On: Sat, Sep 10th, 2016

Avago Technologies’ (AVGO) Buy Rating Reiterated at B. Riley

Avago Technologies Ltd. (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by research analysts at B. Riley in a research note issued to investors on Friday. They currently have a $215.00 price target on the semiconductor manufacturer’s stock. B. Riley’s target price suggests a potential upside of 33.72% from the stock’s current price.
Other equities research analysts also recently issued research reports about the company. Brean Capital increased their price objective on Avago Technologies from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, June 3rd. Sterne Agee CRT reissued a “buy” rating and set a $185.00 target price on shares of Avago Technologies in a research note on Saturday, May 14th. Oppenheimer Holdings Inc. reissued a “buy” rating and set a $180.00 target price (up from $170.00) on shares of Avago Technologies in a research note on Thursday, June 2nd. Vetr raised shares of Avago Technologies from a “hold” rating to a “buy” rating and set a $162.73 target price on the stock in a research note on Thursday, June 2nd. Finally, Deutsche Bank AG reissued a “buy” rating and set a $200.00 target price (up from $180.00) on shares of Avago Technologies in a research note on Tuesday, May 31st. Two research analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $193.84.
Shares of Avago Technologies (NASDAQ:AVGO) traded down 4.51% on Friday, hitting $160.78. The company’s stock had a trading volume of 4,502,242 shares. Avago Technologies has a 52 week low of $111.53 and a 52 week high of $179.42. The stock’s 50 day moving average price is $170.29 and its 200 day moving average price is $155.91. The stock’s market capitalization is $63.67 billion.

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Avago Technologies (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $2.89 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.12. Avago Technologies had a positive return on equity of 31.77% and a negative net margin of 6.20%. The company earned $3.80 billion during the quarter. During the same quarter last year, the company posted $2.24 EPS. Avago Technologies’s revenue was up 117.3% on a year-over-year basis. On average, analysts forecast that Avago Technologies will post $11.25 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 19th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.27%. This is a boost from Avago Technologies’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Thursday, September 15th. Avago Technologies’s dividend payout ratio (DPR) is currently -204.08%.
In other news, insider Henry Samueli sold 21,859 shares of Avago Technologies stock in a transaction on Monday, August 8th. The shares were sold at an average price of $154.84, for a total transaction of $3,384,647.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Bryan Ingram sold 31,487 shares of Avago Technologies stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $157.04, for a total transaction of $4,944,718.48. The disclosure for this sale can be found here. Insiders own 6.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in AVGO. Hollencrest Securities LLC boosted its stake in Avago Technologies by 1.2% in the second quarter. Hollencrest Securities LLC now owns 1,324 shares of the semiconductor manufacturer’s stock valued at $206,000 after buying an additional 16 shares in the last quarter. Guardian Life Insurance Co of America boosted its stake in Avago Technologies by 15.7% in the first quarter. Guardian Life Insurance Co of America now owns 1,439 shares of the semiconductor manufacturer’s stock valued at $222,000 after buying an additional 195 shares in the last quarter. IFP Advisors Inc boosted its stake in Avago Technologies by 95.5% in the first quarter. IFP Advisors Inc now owns 1,521 shares of the semiconductor manufacturer’s stock valued at $235,000 after buying an additional 743 shares in the last quarter. Chelsea Counsel Company bought a new stake in Avago Technologies during the third quarter valued at approximately $250,000. Finally, Rehmann Capital Advisory Group bought a new stake in Avago Technologies during the first quarter valued at approximately $250,000. 91.65% of the stock is currently owned by institutional investors.
Avago Technologies Company Profile
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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