Broadcom Limited (NASDAQ:AVGO) Director Lake Group L.L.C. Silver acquired 344,761 shares of the stock in a transaction on Friday, April 13th. The stock was bought at an average price of $247.94 per share, for a total transaction of $85,480,042.34. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.
Shares of AVGO opened at $249.59 on Thursday. Broadcom Limited has a 52-week low of $213.26 and a 52-week high of $285.68. The firm has a market capitalization of $102,429.23, a price-to-earnings ratio of 17.45, a P/E/G ratio of 1.12 and a beta of 0.92. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.70 and a quick ratio of 5.04.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.41 by $0.71. Broadcom had a return on equity of 29.50% and a net margin of 41.37%. The business had revenue of $5.33 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period last year, the company earned $3.63 EPS. The company’s revenue for the quarter was up 28.5% on a year-over-year basis. sell-side analysts forecast that Broadcom Limited will post 17.43 EPS for the current fiscal year.
Broadcom announced that its Board of Directors has initiated a share repurchase program on Thursday, April 12th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Thursday, March 22nd were paid a $1.75 dividend. The ex-dividend date was Wednesday, March 21st. This is an increase from Broadcom’s previous quarterly dividend of $0.40. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.80%. Broadcom’s dividend payout ratio (DPR) is 48.95%.
A number of research analysts have recently issued reports on AVGO shares. Vetr upgraded Broadcom from a “buy” rating to a “strong-buy” rating and set a $295.91 target price on the stock in a research report on Monday, December 25th. BidaskClub lowered Broadcom from a “hold” rating to a “sell” rating in a research report on Thursday, January 11th. Credit Suisse Group reiterated a “buy” rating on shares of Broadcom in a research report on Tuesday, January 23rd. Canaccord Genuity increased their target price on Broadcom from $100.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Finally, B. Riley reiterated a “buy” rating and set a $335.00 target price (up previously from $330.00) on shares of Broadcom in a research report on Thursday, February 1st. Five investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $314.23.
Several institutional investors and hedge funds have recently modified their holdings of the business. SeaCrest Wealth Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $124,000. We Are One Seven LLC purchased a new position in shares of Broadcom during the 4th quarter worth $142,000. FNY Partners Fund LP purchased a new position in shares of Broadcom during the 4th quarter worth $154,000. Independence Bank of Kentucky purchased a new position in shares of Broadcom during the 4th quarter worth $188,000. Finally, Premia Global Advisors LLC purchased a new position in shares of Broadcom during the 4th quarter worth $198,000. 89.50% of the stock is owned by institutional investors and hedge funds.
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Broadcom Company Profile
Broadcom Limited designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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