Broadcom (AVGO) Set to Announce Earnings on Thursday

Broadcom (NASDAQ:AVGO) is set to announce its earnings results after the market closes on Thursday, September 5th. Analysts expect the company to announce earnings of $1.20 per share for the quarter. Broadcom has set its FY 2024 guidance at EPS.Investors that are interested in participating in the company’s conference call can do so using this link.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. Broadcom’s revenue was up 43.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.95 earnings per share. On average, analysts expect Broadcom to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Broadcom Stock Performance

Broadcom stock opened at $162.82 on Tuesday. 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 market capitalization of $757.91 billion, a P/E ratio of 7.00, a PEG ratio of 2.87 and a beta of 1.17. The stock has a fifty day moving average price of $190.27 and a 200 day moving average price of $155.40. Broadcom has a 52 week low of $79.51 and a 52 week high of $185.16.

Broadcom Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 24th were paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio is currently 9.03%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AVGO shares. Jefferies Financial Group boosted their target price on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Mizuho raised their price objective on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Wells Fargo & Company boosted their price target on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Finally, Cantor Fitzgerald increased their price objective on shares of Broadcom from $1,875.00 to $2,000.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $255.11.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom 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 transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction 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 completion of the sale, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the company’s 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 sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

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.