Broadcom Beats Quarterly Sales, Earnings Targets; Shares Tick Up

SEC FORM 4 - SEC.gov

They now have a $330.00 price target on the semiconductor manufacturer's stock, up from their prior price target of $290.00. A number of brokerages recently issued reports on AVGO.

Broadcom (NASDAQ:AVGO) is up 4.4% in after-hours trade following fiscal Q4 earnings where it beat the Street thanks to healthy demand for wireless chips spurred by smartphones. Robert W. Baird restated an outperform rating and set a $290.00 price target (up from $260.00) on shares of Broadcom in a report on Friday, August 25th. Royal Bank Of Canada reissued a "buy" rating and issued a $270.00 price objective on shares of Broadcom in a research report on Friday, August 11th. The firm earned "Buy" rating on Friday, July 29 by Benchmark.

Some buy side analysts are also providing their Analysis on Nielsen Holdings plc, where 1 analysts have rated the stock as Strong buy, 0 analysts have given a Buy signal, 3 said it's a HOLD, and 0 analysts rated the stock as Sell. The stock now has a consensus rating of "Buy" and an average target price of $293.51.

Broadcom (AVGO) traded up $2.24 during mid-day trading on Thursday, hitting $263.89.

Excluding items, the company earned $4.59 per share. The stock has a market cap of $106,747.80, a P/E ratio of 19.78, a P/E/G ratio of 1.26 and a beta of 1.05. Broadcom has a 52-week low of $163.67 and a 52-week high of $285.68. The rating was maintained by Cowen & Co with "Outperform" on Friday, June 3.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, December 6th. The semiconductor manufacturer reported $3.63 earnings per share for the quarter, beating the consensus estimate of $3.02 by $0.61.

Revenues rose 17.1% from a year ago to $4.84 billion, matching analysts' view for $4.84 billion. It is therefore an indicator of the value put on each dollar for the sales of the business or revenues.

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For the current period, Broadcom's fiscal first quarter, the company expects sales to rise 28% year over year to $5.3 billion. The shares were sold at an average price of $244.01, for a total value of $7,320,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

In other news, VP Patricia H. Mccall sold 1,696 shares of the company's stock in a transaction dated Wednesday, March 8th. The disclosure for this sale can be found here.

According to the Recommendation Trends of the stock polled by Finviz, the company has a consensus recommendation of 1.7 out of the scale from 1 to 5, where 1 stands for Buy and 5 means Sell. Corporate insiders own 3.60% of the company's stock. It turned negative, as 64 investors sold AMZN shares while 542 reduced holdings.

Broadcom raised its interim dividend by 72 percent quarter-on-quarter to Dollars 1.75 after revenues for its fourth quarter hit the high end of expectations and following a very strong fiscal 2017. Ameriprise Financial Inc. boosted its position in shares of Broadcom by 18.2% during the second quarter. The stock price volatility for last week at the close of regular trading was 2.69%, pushing the figure for the whole month to now reaching 3.82%. Pioneer Investment Management Inc. now owns 1,236,209 shares of the semiconductor manufacturer's stock worth $288,099,000 after buying an additional 26,246 shares during the last quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer's stock worth $5,577,099,000 after buying an additional 798,982 shares in the last quarter. Pioneer Investment Management Inc. grew its stake in Broadcom by 2.2% during the 2nd quarter. The brokerage presently has a "buy" rating on the semiconductor manufacturer's stock.

COPYRIGHT VIOLATION WARNING: "Broadcom (AVGO) Now Covered by Analysts at Credit Suisse Group" was first published by Week Herald and is owned by of Week Herald.

The short interest to Broadcom Limited Ord's float is 0.81%.

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