$6.76 Billion in Sales Expected for Broadcom Inc. (NASDAQ:AVGO) This Quarter

Wall Street brokerages predict that Broadcom Inc. (NASDAQ:AVGO) will post $6.76 billion in sales for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Broadcom’s earnings. The lowest sales estimate is $6.75 billion and the highest is $6.79 billion. Broadcom reported sales of $5.82 billion during the same quarter last year, which indicates a positive year over year growth rate of 16.2%. The business is expected to issue its next quarterly earnings report on Thursday, September 2nd.

On average, analysts expect that Broadcom will report full year sales of $27.24 billion for the current year, with estimates ranging from $27.10 billion to $27.47 billion. For the next fiscal year, analysts forecast that the firm will post sales of $28.97 billion, with estimates ranging from $28.61 billion to $29.44 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Broadcom.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 2nd. The semiconductor manufacturer reported $6.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $6.43 by $0.19. The company had revenue of $6.61 billion during the quarter, compared to analysts’ expectations of $6.51 billion. Broadcom had a return on equity of 41.39% and a net margin of 19.11%. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the business earned $5.14 EPS.

AVGO has been the subject of a number of research analyst reports. increased their price target on Broadcom from $500.00 to $528.00 and gave the stock a “buy” rating in a report on Friday, June 4th. Wells Fargo & Company raised their target price on Broadcom from $450.00 to $475.00 and gave the company an “equal weight” rating in a report on Friday, June 4th. Oppenheimer restated a “buy” rating and set a $575.00 target price on shares of Broadcom in a report on Thursday, May 27th. KeyCorp raised their target price on Broadcom from $540.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, June 4th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Broadcom from $500.00 to $525.00 and gave the company a “buy” rating in a report on Friday, June 4th. Five analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $495.84.

In related news, Director Eddy W. Hartenstein sold 530 shares of Broadcom stock in a transaction on Tuesday, May 4th. The stock was sold at an average price of $442.31, for a total transaction of $234,424.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 2,120 shares of company stock valued at $956,507. 2.40% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in AVGO. CX Institutional grew its position in Broadcom by 4.1% during the first quarter. CX Institutional now owns 537 shares of the semiconductor manufacturer’s stock valued at $249,000 after acquiring an additional 21 shares during the period. Mirador Capital Partners LP grew its position in Broadcom by 3.0% during the first quarter. Mirador Capital Partners LP now owns 762 shares of the semiconductor manufacturer’s stock valued at $353,000 after acquiring an additional 22 shares during the period. Brown Miller Wealth Management LLC boosted its position in shares of Broadcom by 4.1% in the first quarter. Brown Miller Wealth Management LLC now owns 614 shares of the semiconductor manufacturer’s stock worth $285,000 after buying an additional 24 shares during the period. 9258 Wealth Management LLC boosted its position in shares of Broadcom by 0.8% in the first quarter. 9258 Wealth Management LLC now owns 2,957 shares of the semiconductor manufacturer’s stock worth $1,371,000 after buying an additional 24 shares during the period. Finally, Symmetry Partners LLC boosted its position in shares of Broadcom by 0.7% in the fourth quarter. Symmetry Partners LLC now owns 3,363 shares of the semiconductor manufacturer’s stock worth $1,472,000 after buying an additional 25 shares during the period. Hedge funds and other institutional investors own 80.94% of the company’s stock.

NASDAQ:AVGO traded down $7.09 during trading hours on Friday, hitting $470.25. The company had a trading volume of 34,263 shares, compared to its average volume of 1,704,950. The company has a current ratio of 2.21, a quick ratio of 2.06 and a debt-to-equity ratio of 1.68. The business’s 50-day moving average price is $463.00. The firm has a market capitalization of $192.92 billion, a P/E ratio of 43.81, a P/E/G ratio of 1.33 and a beta of 0.93. Broadcom has a 1 year low of $304.18 and a 1 year high of $495.14.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Investors of record on Tuesday, June 22nd were paid a $3.60 dividend. The ex-dividend date of this dividend was Monday, June 21st. This represents a $14.40 dividend on an annualized basis and a dividend yield of 3.06%. Broadcom’s dividend payout ratio (DPR) is presently 78.05%.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.

Featured Story: What is the Fibonacci sequence?

Get a free copy of the Zacks research report on Broadcom (AVGO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.