Broadcom (NASDAQ:AVGO) released its earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 EPS for the quarter, topping the consensus estimate of $4.41 by $0.71, Bloomberg Earnings reports. The business had revenue of $5.33 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Broadcom had a return on equity of 29.50% and a net margin of 41.37%. The firm’s revenue was up 28.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.63 earnings per share.
Shares of Broadcom stock traded down $7.44 during midday trading on Friday, hitting $228.87. The company had a trading volume of 3,024,759 shares, compared to its average volume of 5,132,258. The company has a quick ratio of 5.04, a current ratio of 5.70 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $97,064.80, a P/E ratio of 16.00, a PEG ratio of 1.07 and a beta of 0.92. Broadcom has a 52-week low of $208.44 and a 52-week high of $285.68.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Thursday, March 22nd were paid a $1.75 dividend. The ex-dividend date of this dividend was Wednesday, March 21st. This represents a $7.00 annualized dividend and a dividend yield of 3.06%. This is an increase from Broadcom’s previous quarterly dividend of $0.40. Broadcom’s dividend payout ratio is presently 48.95%.
Several research analysts have issued reports on AVGO shares. Vetr lowered Broadcom from a “strong-buy” rating to a “buy” rating and set a $295.91 price target on the stock. in a report on Monday, December 18th. Oppenheimer reiterated a “buy” rating on shares of Broadcom in a report on Friday, December 15th. Mizuho reiterated a “buy” rating and set a $310.00 price target on shares of Broadcom in a report on Thursday, December 14th. Nomura lifted their price target on Broadcom to $330.00 and gave the stock a “buy” rating in a report on Friday, December 8th. Finally, DA Davidson raised their target price on Broadcom to $325.00 and gave the stock a “buy” rating in a research report on Friday, December 8th. Five analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $313.89.
In related news, CFO Thomas H. Krause sold 3,171 shares of the company’s stock in a transaction that occurred on Wednesday, March 14th. The stock was sold at an average price of $259.81, for a total value of $823,857.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kirsten M. Spears sold 199 shares of the stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $243.88, for a total value of $48,532.12. The disclosure for this sale can be found here. Insiders sold a total of 98,675 shares of company stock worth $25,376,429 in the last 90 days. 3.30% of the stock is currently owned by company insiders.
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Broadcom Company Profile
Broadcom Limited designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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