Avago Technologies General IP (Singapore) Pte. (NASDAQ:AVGO) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Avago Technologies General IP (Singapore) Pte. (NASDAQ:AVGO) from a hold rating to a buy rating in a report released on Monday, March 12th. The firm currently has $284.00 price objective on the semiconductor manufacturer’s stock.

According to Zacks, “Broadcom is benefiting from strong demand of its wireless solutions and expanding product portfolio, which makes it well-positioned to address the needs of rapidly growing technologies like IoT and 5G. Broadcom has recently inked financing agreements with various institutions to fund Qualcomm’s proposed takeover. If completed, then this deal will make it the third-largest chipmaker, behind Intel and Samsung. The company also has strong ties with leading OEMs across multiple target markets that will help it to gain key insights into the requirements of customers. Moreover, the upcoming launch of the next generation WiFi products is expected to be a growth driver for the segment. However, customer concentration, intensifying competition, integration risks due to frequent acquisitions and leverage balance sheet are key headwinds.”

A number of other research firms also recently weighed in on AVGO. Vetr downgraded Avago Technologies General IP (Singapore) Pte. from a buy rating to a hold rating and set a $290.34 price target on the stock. in a research note on Monday, November 27th. B. Riley reissued a buy rating and issued a $315.00 price target on shares of Avago Technologies General IP (Singapore) Pte. in a report on Monday, November 20th. BMO Capital Markets started coverage on Avago Technologies General IP (Singapore) Pte. in a research note on Monday, November 20th. They issued an outperform rating and a $330.00 target price for the company. Royal Bank of Canada upped their target price on Avago Technologies General IP (Singapore) Pte. from $300.00 to $315.00 and gave the company a top pick rating in a research note on Monday, November 20th. Finally, Oppenheimer restated a buy rating and set a $300.00 price target (up from $275.00) on shares of Avago Technologies General IP (Singapore) Pte. in a research note on Monday, December 4th. 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 stock. Avago Technologies General IP (Singapore) Pte. currently has an average rating of Buy and an average price target of $311.39.

Shares of NASDAQ:AVGO opened at $235.65 on Monday. The firm has a market capitalization of $97,216.78, a price-to-earnings ratio of 12.87, a P/E/G ratio of 1.07 and a beta of 0.88. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.70 and a quick ratio of 5.04. Avago Technologies General IP has a 52-week low of $208.44 and a 52-week high of $285.68.

Avago Technologies General IP (Singapore) Pte. (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share for the quarter, topping analysts’ consensus estimates of $4.41 by $0.71. The business had revenue of $5.33 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Avago Technologies General IP (Singapore) Pte. had a return on equity of 29.50% and a net margin of 41.37%. The company’s revenue was up 28.5% compared to the same quarter last year. During the same period in the prior year, the business posted $3.63 EPS. sell-side analysts forecast that Avago Technologies General IP will post 17.43 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Thursday, March 22nd were issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.97%. This is a boost from Avago Technologies General IP (Singapore) Pte.’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, March 21st. Avago Technologies General IP (Singapore) Pte.’s dividend payout ratio is presently 38.23%.

In other Avago Technologies General IP (Singapore) Pte. news, CFO Thomas H. Krause sold 3,171 shares of the stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $259.81, for a total transaction of $823,857.51. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $265.21, for a total transaction of $5,304,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 98,675 shares of company stock worth $25,376,429. 3.30% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AllSquare Wealth Management LLC acquired a new stake in Avago Technologies General IP (Singapore) Pte. in the third quarter valued at approximately $113,000. SeaCrest Wealth Management LLC acquired a new stake in Avago Technologies General IP (Singapore) Pte. in the fourth quarter valued at approximately $124,000. We Are One Seven LLC acquired a new stake in Avago Technologies General IP (Singapore) Pte. in the fourth quarter valued at approximately $142,000. FNY Partners Fund LP acquired a new stake in Avago Technologies General IP (Singapore) Pte. in the fourth quarter valued at approximately $154,000. Finally, Independence Bank of Kentucky acquired a new stake in Avago Technologies General IP (Singapore) Pte. in the fourth quarter valued at approximately $188,000. Institutional investors and hedge funds own 89.47% of the company’s stock.

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Avago Technologies General IP (Singapore) Pte. Company Profile

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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