Broadcom (NASDAQ:AVGO) Issues Earnings Results, Beats Estimates By $0.04 EPS

Broadcom (NASDAQ:AVGO) issued its earnings results on Thursday. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04, Briefing.com reports. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. Broadcom updated its Q4 2024 guidance to EPS.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $137.00 on Friday. The company has a market capitalization of $637.70 billion, a PE ratio of 5.89, a price-to-earnings-growth ratio of 2.87 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25. The stock has a fifty day moving average of $189.48 and a 200-day moving average of $155.66. Broadcom has a one year low of $79.51 and a one year high of $185.16.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.55%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.03%.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday. Evercore ISI raised their price target on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. UBS Group lifted their price target on Broadcom from $161.00 to $173.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday. Finally, Piper Sandler raised their target price on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $189.38.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.