Brokerages Expect Broadcom Inc (NASDAQ:AVGO) Will Announce Earnings of $5.37 Per Share

Wall Street brokerages expect that Broadcom Inc (NASDAQ:AVGO) will report earnings of $5.37 per share for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have issued estimates for Broadcom’s earnings. The highest EPS estimate is $5.93 and the lowest is $5.16. Broadcom posted earnings per share of $5.85 during the same quarter last year, which would suggest a negative year over year growth rate of 8.2%. The company is expected to issue its next quarterly earnings report after the market closes on Thursday, December 12th.

According to Zacks, analysts expect that Broadcom will report full-year earnings of $21.30 per share for the current fiscal year, with EPS estimates ranging from $21.02 to $21.84. For the next year, analysts expect that the firm will post earnings of $23.31 per share, with EPS estimates ranging from $21.54 to $25.17. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that that provide coverage for Broadcom.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the consensus estimate of $4.10 by ($0.11). Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter last year, the company earned $4.98 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year.

AVGO has been the topic of a number of recent analyst reports. BMO Capital Markets upped their price target on shares of Broadcom to $310.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 5th. Oppenheimer set a $315.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, September 13th. Daiwa Capital Markets cut shares of Broadcom from a “buy” rating to a “neutral” rating in a research note on Thursday, August 15th. Royal Bank of Canada initiated coverage on shares of Broadcom in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $320.00 price target on the stock. Finally, Susquehanna Bancshares upped their price target on shares of Broadcom from $315.00 to $345.00 and gave the stock a “positive” rating in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. Broadcom has an average rating of “Buy” and a consensus target price of $314.72.

AVGO stock traded up $3.94 on Tuesday, hitting $312.91. The company’s stock had a trading volume of 1,764,600 shares, compared to its average volume of 1,925,952. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58. Broadcom has a 1 year low of $217.61 and a 1 year high of $323.20. The stock has a market cap of $122.56 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. The firm has a 50 day moving average of $289.58 and a two-hundred day moving average of $285.02.

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $289.43, for a total value of $5,788,600.00. Also, insider Mark David Brazeal sold 2,000 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $289.43, for a total transaction of $578,860.00. Insiders sold a total of 42,000 shares of company stock worth $12,141,660 over the last quarter. Insiders own 3.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in AVGO. Nuveen Asset Management LLC lifted its holdings in Broadcom by 2,421.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock valued at $981,806,000 after purchasing an additional 3,275,431 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in Broadcom by 1,808.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock valued at $223,805,000 after purchasing an additional 736,741 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Broadcom by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after purchasing an additional 559,961 shares in the last quarter. Thoroughbred Financial Services LLC lifted its holdings in Broadcom by 40,641.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock valued at $51,497,000 after purchasing an additional 513,703 shares in the last quarter. Finally, Natixis lifted its holdings in Broadcom by 840.6% in the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock valued at $126,871,000 after purchasing an additional 393,880 shares in the last quarter. Institutional investors own 85.02% of the company’s stock.

About Broadcom

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.

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