Broadcom (NASDAQ:AVGO) Posts Quarterly Earnings Results, Beats Expectations By $1.19 EPS

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

Shares of NASDAQ AVGO traded up $32.62 during mid-day trading on Friday, reaching $583.28. The company had a trading volume of 3,729,439 shares, 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 stock 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. The company has a 50-day moving average price of $586.76 and a two-hundred day moving average price of $591.20. Broadcom has a 1-year low of $455.71 and a 1-year high of $677.76.

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

In related news, Director Raul J. Fernandez bought 68 shares of the firm’s stock in a transaction that occurred on Thursday, March 10th. The shares were acquired at an average cost of $582.50 per share, for a total transaction of $39,610.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas H. Krause sold 13,863 shares of Broadcom stock in a transaction 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 disclosure for this sale can be found here. Insiders sold a total of 31,273 shares of company stock worth $18,818,718 over the last 90 days. Insiders own 2.30% of the company’s stock.

Institutional investors have recently modified their holdings of the company. First Community Trust NA acquired a new stake in shares of Broadcom in the fourth quarter worth $43,000. Worth Asset Management LLC acquired a new stake in shares of Broadcom in the first quarter worth $60,000. Cypress Capital Group acquired a new stake in shares of Broadcom in the fourth quarter worth $216,000. KC Investment Advisors LLC boosted its position in shares of Broadcom by 9.7% in the first quarter. KC Investment Advisors LLC now owns 339 shares of the semiconductor manufacturer’s stock worth $213,000 after buying an additional 30 shares during the period. Finally, First Western Trust Bank acquired a new stake in shares of Broadcom in the first quarter worth $232,000. 81.53% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently issued reports on AVGO. UBS Group raised their price target on Broadcom from $665.00 to $690.00 and gave the stock a “buy” rating in a report on Friday, March 4th. Rosenblatt Securities raised their price target on Broadcom from $750.00 to $775.00 and gave the stock a “buy” rating in a report on Friday, March 4th. Truist Financial raised their target price on Broadcom to $658.00 in a research report on Friday. KeyCorp raised their target price on Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a research report on Friday. Finally, JPMorgan Chase & Co. raised their target price on Broadcom from $700.00 to $715.00 and gave the company an “overweight” rating in a research report on Friday, March 4th. Five equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Buy” and an average price target of $675.92.

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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