Broadcom Inc. to Post FY2024 Earnings of $3.83 Per Share, Cantor Fitzgerald Forecasts (NASDAQ:AVGO)

Broadcom Inc. (NASDAQ:AVGO) – Cantor Fitzgerald upped their FY2024 earnings estimates for Broadcom in a research note issued to investors on Friday, September 6th. Cantor Fitzgerald analyst C. Muse now anticipates that the semiconductor manufacturer will earn $3.83 per share for the year, up from their previous forecast of $3.77. Cantor Fitzgerald has a “Overweight” rating and a $200.00 price target on the stock. The consensus estimate for Broadcom’s current full-year earnings is $3.75 per share.

AVGO has been the topic of a number of other reports. Sanford C. Bernstein increased their price target on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Melius Research assumed coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Morgan Stanley boosted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday. Finally, TD Cowen lifted their target price on Broadcom from $175.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Trading Up 2.8 %

NASDAQ:AVGO opened at $140.82 on Monday. The firm has a market capitalization of $655.50 billion, a price-to-earnings ratio of 6.06, a PEG ratio of 2.41 and a beta of 1.16. Broadcom has a 1-year low of $79.51 and a 1-year high of $185.16. The business’s 50-day moving average price is $189.01 and its two-hundred day moving average price is $156.19. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.51%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Activity

In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the business. Legend Financial Advisors Inc. boosted its stake in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the period. Richardson Capital Management LLC acquired a new stake in Broadcom during the 1st quarter valued at $29,000. Delta Asset Management LLC TN boosted its position in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new position in shares of Broadcom in the first quarter valued at $36,000. Finally, Ulland Investment Advisors LLC bought a new position in shares of Broadcom in the first quarter valued at about $37,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.