Broadcom (NASDAQ:AVGO) Announces Earnings Results

Broadcom (NASDAQ:AVGO) posted its quarterly earnings data on Thursday. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the business posted $0.95 EPS. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. Broadcom updated its Q4 2024 guidance to EPS.

Broadcom Stock Performance

Broadcom stock opened at $137.00 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The stock has a 50 day moving average of $189.48 and a 200-day moving average of $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.

Broadcom Increases Dividend

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

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research analyst reports. Bank of America reiterated a “buy” rating and issued a $215.00 price target (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday. TD Cowen upped their price target on Broadcom from $175.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday. Finally, Piper Sandler boosted their target price on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $189.38.

Insider Buying and Selling

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

Broadcom Company Profile

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.