Broadcom (AVGO) Announces Earnings Results
Broadcom (NASDAQ:AVGO) announced its quarterly earnings results on Thursday. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, topping analysts’ consensus estimates of $5.58 by $0.27, RTT News reports. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.40 billion. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.59 earnings per share. Broadcom updated its FY 2019 guidance to EPS.
Shares of AVGO stock opened at $227.24 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42. The company has a market capitalization of $95.94 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.00 and a beta of 1.03. Broadcom has a 1 year low of $197.46 and a 1 year high of $275.70.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Wednesday, December 19th will be paid a $2.65 dividend. This is a boost from Broadcom’s previous quarterly dividend of $1.75. This represents a $10.60 annualized dividend and a dividend yield of 4.66%. Broadcom’s payout ratio is 48.95%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. BlackRock Inc. bought a new stake in Broadcom during the second quarter worth $6,240,939,000. Capital International Investors lifted its stake in Broadcom by 504.1% during the third quarter. Capital International Investors now owns 27,509,769 shares of the semiconductor manufacturer’s stock worth $6,787,485,000 after purchasing an additional 22,955,578 shares during the last quarter. FMR LLC bought a new stake in Broadcom during the second quarter worth $2,768,560,000. Northern Trust Corp bought a new stake in Broadcom during the second quarter worth $1,142,053,000. Finally, Bank of New York Mellon Corp bought a new stake in Broadcom during the second quarter worth $1,127,357,000. Hedge funds and other institutional investors own 85.22% of the company’s stock.
AVGO has been the subject of a number of research analyst reports. Piper Jaffray Companies set a $293.00 price objective on Broadcom and gave the stock a “buy” rating in a report on Tuesday, September 25th. Zacks Investment Research restated a “hold” rating on shares of Broadcom in a report on Monday, November 12th. Mizuho restated a “buy” rating on shares of Broadcom in a report on Friday, October 5th. JPMorgan Chase & Co. initiated coverage on Broadcom in a report on Thursday, November 8th. They set an “overweight” rating and a $325.00 price objective for the company. Finally, ValuEngine upgraded Broadcom from a “sell” rating to a “hold” rating in a report on Saturday, November 10th. Nine research analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. Broadcom presently has a consensus rating of “Buy” and a consensus price target of $286.16.
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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.
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