Broadcom (AVGO) Sets New 52-Week High After Better-Than-Expected Earnings

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Shares of Broadcom Inc (NASDAQ:AVGO) hit a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $299.55 and last traded at $292.70, with a volume of 7045032 shares trading hands. The stock had previously closed at $268.20.

The semiconductor manufacturer reported $5.55 EPS for the quarter, topping the consensus estimate of $4.32 by $1.23. The firm had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. Broadcom’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business earned $5.12 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be given a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.63%. Broadcom’s payout ratio is 56.29%.

AVGO has been the subject of several analyst reports. ValuEngine upgraded Broadcom from a “sell” rating to a “hold” rating in a research report on Friday, November 16th. Credit Suisse Group started coverage on Broadcom in a research note on Friday, November 16th. They issued an “outperform” rating and a $300.00 target price on the stock. BidaskClub upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 28th. Morgan Stanley reiterated an “equal weight” rating and set a $260.00 price objective on shares of Broadcom in a research note on Wednesday, November 28th. Finally, Wells Fargo & Co reiterated a “market perform” rating and set a $265.00 price objective on shares of Broadcom in a research note on Wednesday, November 28th. Ten equities research analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $286.39.

In other news, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Donald Macleod sold 5,223 shares of the stock in a transaction on Monday, January 7th. The stock was sold at an average price of $233.65, for a total value of $1,220,353.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,223 shares of company stock worth $11,449,554. Insiders own 3.30% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Belpointe Asset Management LLC grew its holdings in shares of Broadcom by 274.9% during the 4th quarter. Belpointe Asset Management LLC now owns 3,254 shares of the semiconductor manufacturer’s stock worth $827,000 after purchasing an additional 2,386 shares in the last quarter. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter worth $1,055,582,000. Foster Victor Wealth Advisors LLC acquired a new stake in shares of Broadcom during the 4th quarter worth $213,000. Teacher Retirement System of Texas grew its holdings in shares of Broadcom by 50.0% during the 4th quarter. Teacher Retirement System of Texas now owns 99,904 shares of the semiconductor manufacturer’s stock worth $25,404,000 after purchasing an additional 33,299 shares in the last quarter. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth $3,221,000. 83.49% of the stock is currently owned by institutional investors.

The firm has a market capitalization of $106.80 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.22 and a beta of 0.67. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.90 and a quick ratio of 3.41.

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Broadcom Company Profile (NASDAQ:AVGO)

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.

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