Broadcom Beats Quarterly Sales, Earnings Targets; Shares Tick Up

Marco Green
December 7, 2017

The firm operates through four divisions: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other. Broadcom's quarterly revenue was up 17.1% compared to the same quarter a year ago. Broadcom's wireless business has been a strong performer as soaring sales of Apple Inc's iPhone and Android smartphones drive demand for its WiFi and Bluetooth chips. 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.

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.

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. They set a "buy" rating and a $250.00 price objective on the stock. AVGO was included in 11 notes of analysts from August 29, 2016. As per Thursday, October 6, the company rating was initiated by Wells Fargo. BMO Capital Markets began coverage on Broadcom in a research report on Monday, November 20th. Five research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock of Broadcom Limited (NASDAQ:AVGO) earned "Buy" rating by Drexel Hamilton on Friday, September 2.

The Relative Volume of the company is 1.28 and Average Volume (3 months) is 2.97 million.

Receive Broadcom Limited News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom Limited with MarketBeat.com's FREE daily email newsletter. It has outperformed by 47.30% the S&P500.

Analysts await Broadcom Limited (NASDAQ:AVGO) to report earnings on December, 14. During the same quarter in the prior year, the company posted $3.47 earnings per share. AVGO's profit would be $1.69B giving it 16.69 P/E if the $3.92 EPS is correct.

AR acquired a new stake in Broadcom Limited (NASDAQ:AVGO) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. 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.

Broadcom Ltd. shares have risen 49 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 17 percent.

Wagner Bowman Mgmt Corp stated it has 1,248 shares or 0.08% of all its holdings. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer's stock worth $134,000 after purchasing an additional 473 shares during the last quarter. The company reported the earnings of $4.1/Share in the last quarter where the estimated EPS by analysts was $4.03/share.

In related news, CEO Hock E. Tan sold 65,000 shares of the stock in a transaction that occurred on Monday, March 6th. Canaccord Genuity reinitiated the stock with "Buy" rating in Tuesday, January 5 report. As per Friday, June 3, the company rating was maintained by Jefferies. The firm has "Buy" rating by Sidoti given on Thursday, May 26. Finally, Barclays increased their price objective on Broadcom from $290.00 to $300.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 18th.

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