Broadcom Ltd (AVGO) Q4 Profit Beats; Revenue In-Line; Forecast Tops Estimates

As per Friday, June 3, the company rating was maintained by Jefferies. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $241.47. Broadcom Limited (avgo) has 0.00% since December 6, 2016 and is. Loop Capital reaffirmed a "buy" rating and set a $302.00 price objective on shares of Broadcom in a research report on Friday, August 25th.

Revenues rose 17.1% from a year ago to $4.84 billion, matching analysts' view for $4.84 billion. Shine Investment Advisory Services Inc. acquired a new position in shares of Broadcom during the 2nd quarter worth approximately $116,000. Fisher Asset Management LLC purchased a new position in shares of Broadcom in the second quarter valued at about $250,000. The stock now has a consensus rating of "Buy" and an average price target of $293.51.

Looking ahead, Broadcom forecast fiscal Q1 revenues of $5.225 to $5.375 billion, well ahead of the $4.83 billion that Wall Street is looking for.

In related news, CEO Hock E. Tan sold 65,000 shares of the stock in a transaction that occurred on Monday, March 6th. About 4.13 million shares traded or 37.98% up from the average. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

In other Broadcom news, CFO Thomas H. Krause sold 2,595 shares of the firm's stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $220.00, for a total transaction of $2,905,540.00. The disclosure for this sale can be found here. Insiders sold 104,383 shares of company stock valued at $25,949,184 in the last three months. That compares with a 36 per cent gain by the Philadelphia Stock Exchange Semiconductor Index. Capital Research Global Investors is the second biggest holder with 30 million shares now valued at 6.91 B million whilst Vanguard Group Inc has 28 million shares valued at 6.42 B million. Wagner Bowman Mngmt owns 1,248 shares.

At the moment 29 analysts are watching Broadcom Limited (NASDAQ:AVGO), 12 rate it "Buy", 16 "Outperform", 1 "Underperform", 0 "Sell", while 0 "Hold". The firm's revenue for the quarter was up 17.1% on a year-over-year basis. equities research analysts predict that Broadcom Limited will post 13.93 earnings per share for the current year. Eqis Capital Management Inc., a California-based fund reported 16,082 shares. Wellington Management Group LLP now owns 6,710,760 shares of the semiconductor manufacturer's stock worth $1,469,388,000 after buying an additional 1,519,598 shares in the last quarter. Jennison Associates LLC now owns 4,201,357 shares of the semiconductor manufacturer's stock worth $919,929,000 after buying an additional 3,782,991 shares in the last quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Broadcom Limited has its outstanding Shares of 398.53 Million. 10,861,291 shares of the company's stock traded hands.

Broadcom's profit was boosted by sales of smartphone parts to "a large North American smartphone customer", presumably Apple Inc., which offset weakness in its core wired-infrastructure business. The stock was sold at an average price of $246.48, for a total transaction of $4,929,600.00. The stock has a market cap of $107,547.45, a price-to-earnings ratio of 19.92, a PEG ratio of 1.27 and a beta of 1.05. Investors bought 838 call options on the company. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating the Zacks' consensus estimate of $4.49 by $0.10. During the same period in the previous year, the firm posted $2.53 earnings per share.

Revenue from its wireless communications business jumped 33.4 percent to $1.80 billion.

Net revenue rose to $4.84 billion from $4.14 billion.

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