Broadcom (NASDAQ:AVGO) Announces Earnings Results

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

Broadcom Price Performance

AVGO stock opened at $137.00 on Friday. The company has a market capitalization of $637.70 billion, a P/E ratio of 5.89, a PEG ratio of 2.87 and a beta of 1.16. The business has a 50 day simple moving average of $189.48 and a 200-day simple moving average of $155.66. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. Broadcom has a twelve month low of $79.51 and a twelve month high of $185.16.

Broadcom Increases Dividend

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

Analyst Ratings Changes

AVGO has been the topic of a number of research reports. UBS Group increased their target price on shares of Broadcom from $161.00 to $173.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Wells Fargo & Company lifted their target price on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Mizuho boosted their target price on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Melius assumed coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock. Finally, Rosenblatt Securities lowered their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday. Two analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $189.38.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction that occurred 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 in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

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.