Brokerages Anticipate Broadcom Inc (NASDAQ:AVGO) Will Post Earnings of $5.10 Per Share

Share on StockTwits

Equities analysts expect that Broadcom Inc (NASDAQ:AVGO) will announce earnings of $5.10 per share for the current quarter, Zacks Investment Research reports. Ten analysts have issued estimates for Broadcom’s earnings. The lowest EPS estimate is $4.87 and the highest is $5.42. Broadcom reported earnings per share of $4.98 in the same quarter last year, which indicates a positive year-over-year growth rate of 2.4%. The business is scheduled to announce its next earnings report after the market closes on Thursday, September 12th.

According to Zacks, analysts expect that Broadcom will report full year earnings of $21.35 per share for the current year, with EPS estimates ranging from $20.74 to $22.24. For the next fiscal year, analysts anticipate that the business will post earnings of $23.32 per share, with EPS estimates ranging from $21.53 to $24.98. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Broadcom.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.18 by $0.03. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the firm posted $4.88 EPS. Broadcom’s quarterly revenue was up 10.0% compared to the same quarter last year.

AVGO has been the subject of a number of recent analyst reports. BMO Capital Markets dropped their price target on Broadcom from $270.00 to $260.00 and set a “market perform” rating for the company in a report on Friday, June 14th. KeyCorp raised their price target on Broadcom from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Friday. ValuEngine cut Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Jefferies Financial Group dropped their price target on Broadcom from $370.00 to $324.00 and set a “buy” rating for the company in a report on Friday, June 14th. Finally, UBS Group dropped their price target on Broadcom from $325.00 to $310.00 and set a “buy” rating for the company in a report on Friday, June 14th. Nine investment analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. Broadcom presently has a consensus rating of “Buy” and a consensus target price of $304.32.

AVGO stock traded up $7.75 during midday trading on Tuesday, reaching $283.39. 1,220,577 shares of the company’s stock traded hands, compared to its average volume of 2,116,628. The business has a 50-day moving average of $285.69. Broadcom has a 1-year low of $202.77 and a 1-year high of $323.20. The stock has a market cap of $109.76 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $292.16, for a total value of $5,843,200.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Bryan Ingram sold 11,922 shares of Broadcom stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,388 shares of company stock worth $18,198,482. Corporate insiders own 3.30% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Dimensional Fund Advisors LP grew its stake in Broadcom by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,644,308 shares of the semiconductor manufacturer’s stock worth $418,142,000 after buying an additional 96,233 shares during the last quarter. Chartwell Investment Partners LLC grew its stake in Broadcom by 5.4% during the 1st quarter. Chartwell Investment Partners LLC now owns 6,921 shares of the semiconductor manufacturer’s stock worth $2,081,000 after buying an additional 353 shares during the last quarter. Altman Advisors Inc. grew its stake in Broadcom by 860.0% during the 1st quarter. Altman Advisors Inc. now owns 8,515 shares of the semiconductor manufacturer’s stock worth $2,561,000 after buying an additional 7,628 shares during the last quarter. First Manhattan Co. bought a new position in Broadcom during the 1st quarter worth $213,000. Finally, Virtu Financial LLC bought a new position in Broadcom during the 1st quarter worth $836,000. 84.05% of the stock is currently owned by hedge funds and other institutional investors.

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.

See Also: Trading Strategy

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.