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

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

Broadcom Price Performance

NASDAQ AVGO traded down $1.30 during trading hours on Thursday, hitting $152.82. The company had a trading volume of 25,509,773 shares, compared to its average volume of 31,057,582. The firm has a 50 day simple moving average of $190.06 and a 200 day simple moving average of $155.59. Broadcom has a 52 week low of $79.51 and a 52 week high of $185.16. The firm has a market capitalization of $711.36 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 2.87 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.39%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 9.03%.

Insider Transactions at Broadcom

In related news, 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 transaction of $12,798,036.90. Following the sale, the chief executive officer now 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 is accessible through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 2,540 shares of Broadcom 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 sale, the director now 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. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Melius began coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective for the company. Evercore ISI upped their price objective on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Morgan Stanley restated an “overweight” rating and issued a $165.80 target price on shares of Broadcom in a research note on Monday, June 10th. Piper Sandler upped their price target on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Finally, UBS Group raised their price objective on Broadcom from $161.00 to $173.50 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $255.11.

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.