Broadcom (AVGO) Announces Quarterly Earnings Results

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Broadcom (NASDAQ:AVGO) announced its earnings results on Thursday. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.32 by $1.23, RTT News reports. The company had revenue of $5.79 billion during the quarter, compared to the consensus estimate of $5.83 billion. Broadcom had a net margin of 58.80% and a return on equity of 29.03%. Broadcom’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned $5.12 earnings per share. Broadcom updated its FY 2019 guidance to EPS.

Shares of AVGO opened at $268.20 on Friday. Broadcom has a fifty-two week low of $197.46 and a fifty-two week high of $286.63. The company has a market cap of $106.80 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 1.22 and a beta of 0.67. The company has a current ratio of 3.90, a quick ratio of 3.41 and a debt-to-equity ratio of 0.66.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, March 21st will be paid a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.95%. Broadcom’s dividend payout ratio (DPR) is 56.29%.

In related news, Director Donald Macleod sold 5,223 shares of the stock in a transaction on Monday, January 7th. The shares were sold at an average price of $233.65, for a total transaction of $1,220,353.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, December 17th. The stock was sold at an average price of $256.47, for a total transaction of $5,129,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,223 shares of company stock worth $11,449,554. 3.30% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of AVGO. Lincoln National Corp raised its position in Broadcom by 4.1% during the 4th quarter. Lincoln National Corp now owns 929 shares of the semiconductor manufacturer’s stock worth $236,000 after buying an additional 37 shares during the last quarter. Quadrant Capital Group LLC raised its position in Broadcom by 2.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,432 shares of the semiconductor manufacturer’s stock worth $346,000 after buying an additional 41 shares during the last quarter. Signature Wealth Management Group raised its position in Broadcom by 1.9% during the 4th quarter. Signature Wealth Management Group now owns 2,389 shares of the semiconductor manufacturer’s stock worth $607,000 after buying an additional 44 shares during the last quarter. Capital City Trust Co. FL raised its position in Broadcom by 1.0% during the 4th quarter. Capital City Trust Co. FL now owns 4,579 shares of the semiconductor manufacturer’s stock worth $1,164,000 after buying an additional 45 shares during the last quarter. Finally, Navellier & Associates Inc raised its position in Broadcom by 2.0% during the 4th quarter. Navellier & Associates Inc now owns 2,283 shares of the semiconductor manufacturer’s stock worth $581,000 after buying an additional 45 shares during the last quarter. Hedge funds and other institutional investors own 83.49% of the company’s stock.

Several equities research analysts have recently commented on the stock. Piper Jaffray Companies reiterated an “overweight” rating and set a $310.00 price objective on shares of Broadcom in a research note on Thursday, February 14th. Cowen downgraded shares of Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 price objective for the company. in a research note on Friday, February 22nd. Mizuho reiterated a “buy” rating and set a $305.00 price objective (up from $295.00) on shares of Broadcom in a research note on Friday. Deutsche Bank reiterated a “buy” rating and set a $330.00 price objective (up from $300.00) on shares of Broadcom in a research note on Friday. Finally, DA Davidson lifted their price objective on shares of Broadcom to $325.00 and gave the stock a “buy” rating in a research note on Friday. Ten equities research analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the company. Broadcom currently has a consensus rating of “Buy” and an average price target of $284.08.

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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: The Discount Rate – What You Need to Know

Earnings History for Broadcom (NASDAQ:AVGO)

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