Broadcom (NASDAQ:AVGO) Issues Q3 2021 Earnings Guidance

Broadcom (NASDAQ:AVGO) issued an update on its third quarter 2021 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $- for the period. The company issued revenue guidance of $6.75 billion-6.75 billion, compared to the consensus revenue estimate of $6.60 billion.

AVGO has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their price objective on Broadcom from $450.00 to $475.00 and gave the stock an equal weight rating in a report on Friday, June 4th. Rosenblatt Securities upped their price objective on Broadcom from $540.00 to $550.00 and gave the company a buy rating in a report on Friday, June 4th. Mizuho increased their price objective on Broadcom from $490.00 to $520.00 and gave the stock a buy rating in a research report on Friday, June 4th. Citigroup reissued a buy rating and issued a $528.00 target price (up previously from $500.00) on shares of Broadcom in a research report on Friday, June 4th. Finally, JPMorgan Chase & Co. raised their price target on shares of Broadcom from $500.00 to $570.00 and gave the stock an overweight rating in a research report on Friday, March 5th. Five investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $491.38.

Broadcom stock traded up $4.74 during trading hours on Thursday, hitting $468.67. The stock had a trading volume of 1,496,098 shares, compared to its average volume of 2,060,365. The business has a 50 day moving average of $461.83. Broadcom has a one year low of $292.41 and a one year high of $495.14. The company has a market capitalization of $191.36 billion, a PE ratio of 43.68, a price-to-earnings-growth ratio of 1.31 and a beta of 0.93. The company has a current ratio of 2.21, a quick ratio of 2.06 and a debt-to-equity ratio of 1.68.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, June 2nd. The semiconductor manufacturer reported $6.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.43 by $0.19. Broadcom had a net margin of 19.11% and a return on equity of 41.39%. The business had revenue of $6.61 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter last year, the business earned $5.14 EPS. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. As a group, analysts anticipate that Broadcom will post 23.55 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 22nd will be paid a $3.60 dividend. The ex-dividend date is Monday, June 21st. This represents a $14.40 annualized dividend and a dividend yield of 3.07%. Broadcom’s dividend payout ratio is 78.05%.

In other news, insider Thomas H. Krause sold 16,827 shares of the business’s stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $478.61, for a total value of $8,053,570.47. Also, Director Eddy W. Hartenstein sold 530 shares of the company’s stock in a transaction on Tuesday, May 18th. The shares were sold at an average price of $438.98, for a total transaction of $232,659.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,997 shares of company stock valued at $13,239,016. 2.40% of the stock is owned by corporate insiders.

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.

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