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

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

Broadcom Trading Down 10.4 %

Shares of AVGO traded down $15.82 on Friday, hitting $137.00. 76,634,630 shares of the stock traded hands, compared to its average volume of 31,350,613. Broadcom has a 1 year low of $79.51 and a 1 year high of $185.16. The stock’s 50 day moving average is $189.48 and its two-hundred day moving average is $155.66. The firm has a market capitalization of $637.70 billion, a P/E ratio of 5.89, a P/E/G ratio of 2.87 and a beta of 1.16. 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 company also recently announced 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. This represents a $2.12 dividend on an annualized basis and a yield of 1.55%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio is 9.03%.

Analyst Ratings Changes

Several brokerages have recently commented on AVGO. Melius assumed coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock. Mizuho boosted their target price on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Morgan Stanley raised their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday. TD Cowen increased their price target on shares of Broadcom from $175.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Finally, Truist Financial boosted their price objective on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.38.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following 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 filing with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now owns 27,480 shares in the company, 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 insiders.

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.