Broadcom (NASDAQ:AVGO) Announces Earnings Results

Broadcom (NASDAQ:AVGOGet Rating) announced its quarterly earnings results on Thursday. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, beating analysts’ consensus estimates of $7.88 by $1.19, Briefing.com reports. Broadcom had a net margin of 27.47% and a return on equity of 50.20%. The firm had revenue of $8.10 billion for the quarter, compared to analyst estimates of $7.91 billion. During the same quarter in the previous year, the firm posted $5.89 earnings per share. The business’s revenue was up 22.6% on a year-over-year basis. Broadcom updated its Q3 2022 guidance to EPS.

NASDAQ AVGO traded up $32.62 during trading on Friday, hitting $583.28. 3,729,439 shares of the company’s stock were exchanged, compared to its average volume of 2,585,449. 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 company has a market cap of $238.14 billion, a PE ratio of 33.25, a P/E/G ratio of 1.09 and a beta of 1.04. Broadcom has a fifty-two week low of $455.71 and a fifty-two week high of $677.76. The stock’s 50 day moving average price is $586.76 and its two-hundred day moving average price is $591.20.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd will be paid a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a yield of 2.81%. The ex-dividend date is Tuesday, June 21st. Broadcom’s payout ratio is 93.50%.

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective 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 Bancshares restated a “buy” rating and set a $680.00 target price on shares of Broadcom in a report on Tuesday, March 1st. StockNews.com upgraded shares of Broadcom from a “buy” rating to a “strong-buy” rating in a report on Friday, May 13th. UBS Group upped their price objective on shares of Broadcom from $665.00 to $690.00 and gave the company a “buy” rating in a report on Friday, March 4th. Finally, The Goldman Sachs Group decreased their price objective 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. Five investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has a consensus rating of “Buy” and an average price target of $675.92.

In other news, insider Thomas H. Krause sold 13,863 shares of the company’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $585.29, for a total value of $8,113,875.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Raul J. Fernandez bought 68 shares of the firm’s stock in a transaction on Thursday, March 10th. The shares were purchased at an average cost of $582.50 per share, with a total value of $39,610.00. The disclosure for this purchase can be found here. In the last three months, insiders have sold 31,273 shares of company stock valued at $18,818,718. Insiders own 2.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Orion Portfolio Solutions LLC increased its position in Broadcom by 0.9% during the 1st quarter. Orion Portfolio Solutions LLC now owns 2,290 shares of the semiconductor manufacturer’s stock valued at $1,442,000 after purchasing an additional 21 shares during the period. KC Investment Advisors LLC boosted its holdings in shares of Broadcom by 9.7% during the 1st quarter. KC Investment Advisors LLC now owns 339 shares of the semiconductor manufacturer’s stock worth $213,000 after buying an additional 30 shares in the last quarter. Carolinas Wealth Consulting LLC boosted its holdings in shares of Broadcom by 3.2% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 1,504 shares of the semiconductor manufacturer’s stock worth $947,000 after buying an additional 46 shares in the last quarter. First Community Trust NA bought a new position in shares of Broadcom during the 4th quarter worth approximately $43,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its holdings in shares of Broadcom by 6.5% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,096 shares of the semiconductor manufacturer’s stock worth $690,000 after buying an additional 67 shares in the last quarter. 81.53% of the stock is owned by institutional investors and hedge funds.

About Broadcom (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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Earnings History for Broadcom (NASDAQ:AVGO)

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