Broadcom Inc. (AVGO) to Issue Quarterly Dividend of $4.10 on June 30th

Broadcom Inc. (NASDAQ:AVGO – Get Rating) declared a quarterly dividend on Thursday, May 26th, RTT News reports. Stockholders of record on Wednesday, June 22nd will be given a dividend of 4.10 per share by the semiconductor manufacturer on Thursday, June 30th. This represents a $16.40 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Tuesday, June 21st.

Broadcom has raised its dividend payment by an average of 23.6% annually over the last three years and has increased its dividend every year for the last 13 years. Broadcom has a payout ratio of 42.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Broadcom to earn $35.18 per share next year, which means the company should continue to be able to cover its $16.40 annual dividend with an expected future payout ratio of 46.6%.

NASDAQ AVGO opened at $583.28 on Friday. The company’s fifty day simple moving average is $586.76 and its 200-day simple moving average is $591.20. Broadcom has a 52 week low of $455.71 and a 52 week high of $677.76. The company has a current ratio of 2.44, a quick ratio of 2.20 and a debt-to-equity ratio of 1.71. The stock has a market cap of $238.14 billion, a P/E ratio of 33.25, a PEG ratio of 1.09 and a beta of 1.04.

Broadcom (NASDAQ:AVGO – Get Rating) last posted its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $9.07 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $1.19. Broadcom had a net margin of 27.47% and a return on equity of 50.20%. The business had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $7.91 billion. During the same period in the previous year, the company posted $5.89 earnings per share. The business’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, research analysts expect that Broadcom will post 32.08 EPS for the current fiscal year.

In other Broadcom news, Director Diane M. Bryant sold 476 shares of Broadcom stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $629.55, for a total value of $299,665.80. Following the completion of the sale, the director now directly owns 1,560 shares in the company, valued at $982,098. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 3,000 shares of Broadcom stock in a transaction that occurred on Monday, March 28th. The shares were sold at an average price of $625.86, for a total transaction of $1,877,580.00. The disclosure for this sale can be found here. Insiders have sold 31,273 shares of company stock worth $18,818,718 over the last ninety days. 2.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Charles Schwab Investment Management Inc. lifted its stake in Broadcom by 11.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after acquiring an additional 488,405 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Broadcom by 44.8% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 602,108 shares of the semiconductor manufacturer’s stock worth $379,135,000 after buying an additional 186,400 shares during the last quarter. Mariner LLC lifted its stake in shares of Broadcom by 56.7% in the first quarter. Mariner LLC now owns 204,345 shares of the semiconductor manufacturer’s stock worth $128,673,000 after buying an additional 73,962 shares during the last quarter. Cantor Fitzgerald Investment Advisor L.P lifted its stake in shares of Broadcom by 94.4% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after buying an additional 36,458 shares during the last quarter. Finally, Beacon Pointe Advisors LLC lifted its stake in shares of Broadcom by 1,095.0% in the first quarter. Beacon Pointe Advisors LLC now owns 28,824 shares of the semiconductor manufacturer’s stock worth $18,150,000 after buying an additional 26,412 shares during the last quarter. Hedge funds and other institutional investors own 81.53% of the company’s stock.

Several research firms recently issued reports on AVGO. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $700.00 to $715.00 and gave the company an “overweight” rating in a report on Friday, March 4th. Susquehanna reaffirmed a “buy” rating and issued a $680.00 price target on shares of Broadcom in a report on Tuesday, March 1st. Susquehanna Bancshares reaffirmed a “buy” rating and issued a $680.00 price target on shares of Broadcom in a report on Tuesday, March 1st. The Goldman Sachs Group cut their price target on shares of Broadcom from $704.00 to $665.00 and set a “buy” rating on the stock in a report on Friday, March 4th. Finally, Rosenblatt Securities upped their price target on shares of Broadcom from $750.00 to $775.00 and gave the company a “buy” rating in a report on Friday, March 4th. Five research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has an average rating of “Buy” and an average target price of $675.92.

Broadcom Company Profile (Get Rating)

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.

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