Analysts Expect Broadcom Inc. (NASDAQ:AVGO) Will Post Quarterly Sales of $7.35 Billion

Equities research analysts predict that Broadcom Inc. (NASDAQ:AVGO) will post sales of $7.35 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have made 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 in the same quarter last year, which indicates a positive year over year growth rate of 13.6%. The business is expected to announce its next earnings report on Thursday, December 9th.

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

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

AVGO has been the topic of a number of research analyst reports. Summit Redstone lowered shares of Broadcom to a “hold” rating in a report on Friday, September 3rd. Morgan Stanley raised their price objective on shares of Broadcom from $555.00 to $572.00 and gave the stock an “overweight” rating in a report on Friday, September 3rd. Piper Sandler lifted their price target on shares of Broadcom from $525.00 to $550.00 and gave the company an “overweight” rating in a research note on Friday, September 3rd. BMO Capital Markets lifted their price target on shares of Broadcom from $550.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, September 3rd. Finally, Robert W. Baird lifted their price target on shares of Broadcom from $500.00 to $550.00 and gave the company an “outperform” rating in a research note on Monday, June 7th. Five analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Buy” and an average target price of $549.52.

In other news, Director Eddy W. Hartenstein sold 4,811 shares of the business’s stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $499.12, for a total value of $2,401,266.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Charlie B. Kawwas sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $500.83, for a total transaction of $1,502,490.00. The disclosure for this sale can be found here. Insiders have sold a total of 17,264 shares of company stock valued at $8,652,754 in the last ninety days. 2.40% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors increased its position in Broadcom by 2.1% during the 2nd quarter. Capital International Investors now owns 33,942,430 shares of the semiconductor manufacturer’s stock worth $16,185,173,000 after purchasing an additional 706,502 shares in the last quarter. BlackRock Inc. increased its position in Broadcom by 4.8% during the 1st quarter. BlackRock Inc. now owns 27,270,770 shares of the semiconductor manufacturer’s stock worth $12,644,366,000 after purchasing an additional 1,254,432 shares in the last quarter. State Street Corp increased its position in Broadcom by 1.4% during the 2nd quarter. State Street Corp now owns 15,873,523 shares of the semiconductor manufacturer’s stock worth $7,569,131,000 after purchasing an additional 221,137 shares in the last quarter. Geode Capital Management LLC increased its position in Broadcom by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 6,447,493 shares of the semiconductor manufacturer’s stock worth $3,065,401,000 after purchasing an additional 176,270 shares in the last quarter. Finally, Northern Trust Corp increased its position in Broadcom by 0.6% during the 1st quarter. Northern Trust Corp now owns 4,758,608 shares of the semiconductor manufacturer’s stock worth $2,206,377,000 after purchasing an additional 30,556 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Shares of NASDAQ:AVGO traded up $2.91 during midday trading on Tuesday, reaching $501.87. 1,396,408 shares of the company were exchanged, compared to its average volume of 1,834,716. Broadcom has a fifty-two week low of $343.48 and a fifty-two week high of $507.85. 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 stock has a fifty day simple moving average of $484.42 and a two-hundred day simple moving average of $470.98. 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 business also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 22nd will be issued a dividend of $3.60 per share. This represents a $14.40 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Tuesday, September 21st. Broadcom’s payout ratio is 78.05%.

About Broadcom

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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