Broadcom tops estimates on strong wireless chip demand

Broadcom Beats Quarterly Sales, Earnings Targets; Shares Tick Up

Broadcom +4.4% as wireless chips drive Q4 beat, strong guidance

Avago Technologies Limited had 156 analyst reports since August 4, 2015 according to SRatingsIntel. The company was maintained on Friday, June 3 by Cantor Fitzgerald. The firm earned "Buy" rating on Wednesday, October 18 by Jefferies. ZWJ Investment Counsel Inc. now owns 96,740 shares of the semiconductor manufacturer's stock valued at $17,100,000 after buying an additional 3,278 shares during the period. The firm has "Buy" rating given on Thursday, December 7 by Bernstein.

IBD'S TAKE: Broadcom stock broke out of a 10-week flat base with a buy point of 259.46 on October 30. Stifel Nicolaus has "Hold" rating and $75.0 target. The stock has "Buy" rating by Mizuho on Friday, September 2. The rating was maintained by Bank of America on Thursday, August 24 with "Buy". AVGO's total short interest was 3.24 million shares in December as published by FINRA.

Shares rose 4.2% to $274.92 after hours, adding to the 0.9% gain logged during Wednesday trading. On Tuesday, October 25 the stock rating was downgraded by Guggenheim to "Neutral". The SI to Chembio Diagnostics Incorporated's float is 1.08%. Analyzing the last five market sessions, the stock was able to report -0.33% losses, thus going up by 9.53%, compared with its 200-day moving average of $36.86.

The company during the last trade was able to reach a volume of 4.68 million shares. The company had a trading volume of 4,875,100 shares, compared to its average volume of 2,777,329.

Investors sentiment is 1 in Q2 2017. Its the same as in 2017Q1. Vanguard Group Inc. lifted its position in shares of Broadcom by 3.0% during the 2nd quarter. Cowen reissued a buy rating and set a $260.00 target price on shares of Broadcom in a research report on Friday, August 11th.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, December 6th.

Broadcom also said Wednesday it would raise its quarterly dividend to $1.75 a share from $1.02 a share. After a recent check, it is observed that the insiders for the firm now own 0.10% shares. The share price volatility of the stock remained at 1.02% for the month and by reducing the timeframe to just a week, the volatility stood at 0.91%. Gemmer Asset Limited Liability reported 94 shares.

Broadcom Beats Quarterly Sales, Earnings Targets; Shares Tick Up

Among 46 analysts covering Avago Technologies Limited (NASDAQ:AVGO), 44 have Buy rating, 0 Sell and 2 Hold. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer's stock worth $5,577,099,000 after purchasing an additional 798,982 shares in the last quarter.

Eqis Mngmt holds 0.21% or 16,082 shares.

In a conference call with analysts, Broadcom offered little about the hostile bid aside from saying it aims to "engage in a constructive dialogue", has received positive shareholder and customer reactions, and believes it can complete a transaction, including regulatory approvals, within 12 months of striking a deal. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating analysts' consensus estimates of $4.52 by $0.07. AVGO's profit would be $1.69 billion giving it 16.83 P/E if the $3.92 EPS is correct. During the same quarter a year ago, the firm earned $3.47 earnings per share.

Broadcom Limited designs, develops, and supplies a range of semiconductor devices worldwide.

For the current period, Broadcom's fiscal first quarter, the company expects sales to rise 28% year over year to $5.3 billion. It focuses on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. A company with higher PE ratio is more worthy against a company with lower PE ratio. Sales in Broadcom's wireless-communications segment, which makes chips for iPhones and enterprise-storage units, grew 33% while sales in wired infrastructure, which still accounts for 45% of sales, edged up 3%. IFP Advisors Inc now owns 2,169 shares of the semiconductor manufacturer's stock worth $506,000 after acquiring an additional 257 shares in the last quarter. The net result, including the impact from discontinued operations, jumped to a profit of United States dollars 1.894 billion or USD 4.27 per diluted share from a net loss of 1.861 billion or 4.86 per diluted share. It has outperformed by 47.30% the S&P500.

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