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

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

Broadcom Stock Down 10.4 %

Shares of NASDAQ:AVGO opened at $137.00 on Friday. The business’s 50 day moving average is $189.48 and its 200 day moving average is $155.66. The stock has a market cap of $637.70 billion, a P/E ratio of 5.89, a price-to-earnings-growth ratio of 2.87 and a beta of 1.16. Broadcom has a 52-week low of $79.51 and a 52-week high of $185.16. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02.

Broadcom Increases Dividend

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

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction dated 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 directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly 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 currently owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent research reports. Truist Financial increased their price objective on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research report on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research note on Friday. Jefferies Financial Group lifted their target price on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, The Goldman Sachs Group increased their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.