Broadcom (NASDAQ:AVGO) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Broadcom (NASDAQ:AVGO) issued its quarterly earnings data on Thursday. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $5.18 by $0.03, RTT News reports. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.88 EPS. Broadcom updated its FY 2019 guidance to EPS.

NASDAQ:AVGO traded up $1.88 during trading hours on Thursday, hitting $281.61. 2,689,125 shares of the stock were exchanged, compared to its average volume of 2,843,543. Broadcom has a 52-week low of $197.46 and a 52-week high of $323.20. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The firm has a market cap of $112.21 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 1.32 and a beta of 0.87.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Monday, June 24th will be paid a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a yield of 3.76%. Broadcom’s dividend payout ratio (DPR) is currently 56.29%.

In other Broadcom news, SVP Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $295.05, for a total transaction of $2,950,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $291.27, for a total value of $5,825,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 87,824 shares of company stock valued at $26,390,919. 3.30% of the stock is owned by company insiders.

Several equities analysts have recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and issued a $350.00 price objective on shares of Broadcom in a report on Monday. BidaskClub raised Broadcom from a “strong sell” rating to a “sell” rating in a report on Tuesday. Zacks Investment Research cut Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. ValuEngine upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley cut their price target on Broadcom from $266.00 to $262.00 and set an “equal weight” rating for the company in a research note on Monday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-eight have assigned a buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and an average target price of $305.55.

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Broadcom Company Profile

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.

Further Reading: Green Investing

Earnings History for Broadcom (NASDAQ:AVGO)

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