Broadcom Ltd (AVGO) Hits New 1-Year High After Better-Than-Expected Earnings

Broadcom Ltd (NASDAQ:AVGO) shares hit a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $253.17 and last traded at $252.75, with a volume of 6,606,443 shares traded. The stock had previously closed at $234.59.

The semiconductor manufacturer reported $3.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.50 by $0.19. The company had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.11 billion. Broadcom had a positive return on equity of 22.77% and a negative net margin of 13.13%. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.53 earnings per share.

AVGO has been the subject of a number of research analyst reports. Zacks Investment Research lowered Broadcom from a “strong-buy” rating to a “sell” rating in a report on Wednesday, February 8th. Barclays PLC restated an “overweight” rating and issued a $250.00 target price (up previously from $240.00) on shares of Broadcom in a report on Friday, March 10th. Wells Fargo & Co restated a “market perform” rating and issued a $222.50 target price (up previously from $165.00) on shares of Broadcom in a report on Friday, March 3rd. Rosenblatt Securities initiated coverage on Broadcom in a report on Wednesday, February 22nd. They issued a “buy” rating and a $250.00 target price for the company. Finally, Royal Bank of Canada restated a “top pick” rating and issued a $230.00 target price (up previously from $225.00) on shares of Broadcom in a report on Tuesday, February 21st. Three analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has 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 $252.72.

In other Broadcom news, SVP Charlie B. Kawwas sold 4,398 shares of the firm’s stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $219.10, for a total transaction of $963,601.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Patricia H. Mccall sold 1,696 shares of the firm’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $220.00, for a total transaction of $373,120.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 281,906 shares of company stock worth $62,617,887. 6.20% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FNY Managed Accounts LLC acquired a new position in shares of Broadcom during the first quarter worth approximately $100,000. AllSquare Wealth Management LLC boosted its position in shares of Broadcom by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after buying an additional 133 shares in the last quarter. Crestwood Advisors Group LLC acquired a new position in shares of Broadcom during the first quarter worth approximately $111,000. Archford Capital Strategies LLC boosted its position in shares of Broadcom by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock worth $118,000 after buying an additional 168 shares in the last quarter. Finally, Independent Advisor Alliance acquired a new position in shares of Broadcom during the fourth quarter worth approximately $127,000. Hedge funds and other institutional investors own 91.85% of the company’s stock.

The firm’s market capitalization is $102.16 billion. The company has a 50-day moving average price of $228.36 and a 200 day moving average price of $204.53.

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About Broadcom

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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