Broadcom (AVGO) Announces Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Broadcom (NASDAQ:AVGO) announced its quarterly earnings results on Thursday. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $5.58 by $0.27, RTT News reports. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the previous year, the firm posted $4.59 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. Broadcom updated its FY 2019 guidance to EPS.

Shares of NASDAQ AVGO traded down $4.80 during midday trading on Thursday, reaching $227.24. The company’s stock had a trading volume of 5,767,320 shares, compared to its average volume of 4,115,471. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64. Broadcom has a fifty-two week low of $197.46 and a fifty-two week high of $275.70. The company has a market capitalization of $95.94 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 1.00 and a beta of 1.03.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th will be issued a $2.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $1.75. This represents a $10.60 dividend on an annualized basis and a dividend yield of 4.66%. Broadcom’s dividend payout ratio (DPR) is 48.95%.

A number of brokerages have weighed in on AVGO. Credit Suisse Group reaffirmed a “buy” rating and issued a $300.00 price target on shares of Broadcom in a research note on Wednesday. Zacks Investment Research raised shares of Broadcom from a “sell” rating to a “hold” rating in a research note on Wednesday. BidaskClub lowered shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Deutsche Bank cut their price target on shares of Broadcom from $310.00 to $300.00 and set a “buy” rating on the stock in a research note on Monday. Finally, B. Riley raised shares of Broadcom from a “neutral” rating to a “buy” rating and lifted their price target for the company from $250.00 to $300.00 in a research note on Monday. Nine investment analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $287.24.

In other news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock worth $14,266,145 over the last quarter. 3.30% of the stock is owned by corporate insiders.

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About Broadcom

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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Earnings History for Broadcom (NASDAQ:AVGO)

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