Broadcom Inc. (NASDAQ:AVGO) Expected to Announce Quarterly Sales of $7.35 Billion

Brokerages predict that Broadcom Inc. (NASDAQ:AVGO) will announce sales of $7.35 billion for the current fiscal quarter, according to Zacks. Eight analysts have provided estimates for Broadcom’s earnings, with the lowest sales estimate coming in at $7.32 billion and the highest estimate coming in at $7.39 billion. Broadcom reported sales of $6.47 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 13.6%. The company is expected to announce its next quarterly earnings report on Thursday, December 9th.

On average, analysts expect that Broadcom will report full-year sales of $27.40 billion for the current fiscal year, with estimates ranging from $27.36 billion to $27.44 billion. For the next fiscal year, analysts anticipate that the business will report sales of $29.43 billion, with estimates ranging from $28.92 billion to $30.02 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Broadcom.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $6.88 by $0.08. Broadcom had a return on equity of 44.27% and a net margin of 22.90%. The firm had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.76 billion. During the same quarter in the prior year, the company posted $5.40 earnings per share. Broadcom’s quarterly revenue was up 16.4% on a year-over-year basis.

AVGO has been the topic of a number of recent analyst reports. Truist Securities upped their price objective on Broadcom from $554.00 to $564.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. Oppenheimer reiterated a “buy” rating and set a $575.00 target price on shares of Broadcom in a research report on Thursday, May 27th. Jefferies Financial Group reiterated a “buy” rating and set a $590.00 target price on shares of Broadcom in a research report on Friday, September 3rd. Piper Sandler boosted their target price on Broadcom from $525.00 to $550.00 and gave the stock an “overweight” rating in a research report on Friday, September 3rd. Finally, Susquehanna Bancshares boosted their target price on Broadcom from $580.00 to $590.00 and gave the stock a “positive” rating in a research report on Friday, September 3rd. Five investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $549.52.

In other Broadcom news, COO Charlie B. Kawwas sold 3,000 shares of the company’s stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $500.83, for a total transaction of $1,502,490.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 9,453 shares of the stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $502.38, for a total value of $4,748,998.14. The disclosure for this sale can be found here. Insiders have sold 17,264 shares of company stock worth $8,652,754 over the last quarter. 2.40% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Tsfg LLC grew its stake in shares of Broadcom by 218.8% in the second quarter. Tsfg LLC now owns 51 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 35 shares in the last quarter. ShoreHaven Wealth Partners LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $27,000. Vigilant Capital Management LLC grew its stake in Broadcom by 124.0% during the 2nd quarter. Vigilant Capital Management LLC now owns 56 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 31 shares in the last quarter. Solstein Capital LLC acquired a new stake in Broadcom during the 1st quarter valued at approximately $29,000. Finally, MV Capital Management Inc. grew its stake in Broadcom by 588.9% during the 2nd quarter. MV Capital Management Inc. now owns 62 shares of the semiconductor manufacturer’s stock valued at $30,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

AVGO stock traded up $2.91 on Tuesday, reaching $501.87. 1,396,408 shares of the company’s stock were exchanged, compared to its average volume of 1,834,716. The stock has a fifty day moving average of $484.42 and a 200-day moving average of $470.98. Broadcom has a twelve month low of $343.48 and a twelve month high of $507.85. The firm has a market cap of $206.58 billion, a PE ratio of 37.23, a P/E/G ratio of 1.36 and a beta of 0.93. The company has a quick ratio of 2.23, a current ratio of 2.41 and a debt-to-equity ratio of 1.65.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 22nd will be given a dividend of $3.60 per share. The ex-dividend date is Tuesday, September 21st. This represents a $14.40 annualized dividend and a yield of 2.87%. Broadcom’s dividend payout ratio (DPR) is presently 78.05%.

Broadcom Company Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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