Broadcom (NASDAQ:AVGO) Posts Quarterly 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 (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 company had revenue of $13.07 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. Broadcom updated its Q4 2024 guidance to EPS.

Broadcom Stock Down 10.4 %

AVGO 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 firm has a 50-day moving average of $189.48 and a two-hundred day moving average of $155.66. Broadcom has a 12 month low of $79.51 and a 12 month high of $185.16. The company has a market cap of $637.70 billion, a price-to-earnings ratio of 5.89, a PEG ratio of 2.87 and a beta of 1.16.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19th. This is a positive change 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%. Broadcom’s payout ratio is presently 9.03%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVGO. Melius started coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. Truist Financial lifted their price objective on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research note on Thursday, June 13th. Rosenblatt Securities dropped their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday. Mizuho raised their target price on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $189.38.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was 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 approximately $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Justine Page sold 2,540 shares of the firm’s 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 completion of the sale, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 7,502 shares of the company’s 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 value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at $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.