Wall Street brokerages expect Broadcom Inc (NASDAQ:AVGO) to announce sales of $5.41 billion for the current quarter, according to Zacks. Ten analysts have provided estimates for Broadcom’s earnings, with the highest sales estimate coming in at $5.43 billion and the lowest estimate coming in at $5.40 billion. Broadcom reported sales of $4.84 billion during the same quarter last year, which would suggest a positive year over year growth rate of 11.8%. The business is scheduled to report its next earnings results on Wednesday, December 5th.
On average, analysts expect that Broadcom will report full year sales of $21.03 billion for the current fiscal year, with estimates ranging from $20.80 billion to $23.11 billion. For the next financial year, analysts expect that the firm will report sales of $21.43 billion, with estimates ranging from $20.41 billion to $21.89 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Broadcom.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The firm had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the business earned $4.10 earnings per share. The company’s revenue was up 13.4% on a year-over-year basis.
Several research analysts have recently weighed in on AVGO shares. MKM Partners decreased their price target on Broadcom to $255.00 in a research note on Friday, September 7th. BidaskClub cut Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 28th. Loop Capital started coverage on Broadcom in a research note on Thursday, June 21st. They issued a “buy” rating and a $306.00 price target for the company. Sanford C. Bernstein restated a “buy” rating on shares of Broadcom in a research note on Thursday, July 12th. Finally, Jefferies Financial Group decreased their price target on Broadcom to $278.00 and set a “buy” rating for the company in a research note on Thursday, July 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirty-one have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $290.77.
AVGO stock opened at $228.02 on Friday. Broadcom has a 1-year low of $197.46 and a 1-year high of $285.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42. The firm has a market capitalization of $102.01 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 1.02 and a beta of 0.89.
The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 3.07%. The ex-dividend date was Tuesday, September 18th. Broadcom’s dividend payout ratio is presently 48.95%.
In other Broadcom news, insider Kirsten M. Spears sold 1,194 shares of the business’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $204.90, for a total value of $4,098,000.00. The disclosure for this sale can be found here. Insiders have sold 61,194 shares of company stock valued at $13,785,345 in the last three months. 3.30% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in AVGO. BlackRock Inc. bought a new position in shares of Broadcom in the second quarter worth about $6,240,939,000. FMR LLC bought a new position in shares of Broadcom in the second quarter worth about $2,768,560,000. Jennison Associates LLC bought a new position in shares of Broadcom in the second quarter worth about $1,392,514,000. Northern Trust Corp bought a new position in shares of Broadcom in the second quarter worth about $1,142,053,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Broadcom in the second quarter worth about $1,127,357,000. 88.01% of the stock is owned by institutional investors and hedge funds.
Broadcom Inc 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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