Broadcom Inc (NASDAQ:AVGO) – SunTrust Banks boosted their Q2 2021 earnings per share (EPS) estimates for Broadcom in a note issued to investors on Tuesday, January 21st. SunTrust Banks analyst W. Stein now forecasts that the semiconductor manufacturer will post earnings of $4.88 per share for the quarter, up from their prior forecast of $4.79. SunTrust Banks has a “Buy” rating and a $366.00 price objective on the stock. SunTrust Banks also issued estimates for Broadcom’s Q3 2021 earnings at $5.17 EPS, Q4 2021 earnings at $5.90 EPS and FY2021 earnings at $21.31 EPS.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 EPS for the quarter, beating analysts’ consensus estimates of $5.35 by $0.04. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.74 billion. During the same quarter in the prior year, the firm posted $5.85 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis.
Other research analysts have also recently issued research reports about the company. Piper Jaffray Companies reissued a “buy” rating and issued a $345.00 price objective (up previously from $330.00) on shares of Broadcom in a research note on Tuesday, December 10th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $380.00 price objective on shares of Broadcom in a research note on Friday, December 13th. Morgan Stanley raised Broadcom from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, November 27th. BidaskClub cut Broadcom from a “buy” rating to a “hold” rating in a research note on Saturday, January 18th. Finally, Cascend Securities increased their price objective on Broadcom from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-six have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $334.10.
Shares of NASDAQ:AVGO opened at $324.00 on Thursday. Broadcom has a 52-week low of $250.09 and a 52-week high of $331.58. The stock has a market cap of $128.88 billion, a P/E ratio of 50.31, a price-to-earnings-growth ratio of 1.54 and a beta of 0.90. The business’s 50 day moving average is $314.48 and its 200 day moving average is $296.14. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 1.58.
A number of hedge funds have recently modified their holdings of the stock. Natixis grew its position in Broadcom by 840.6% during the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock worth $126,871,000 after purchasing an additional 393,880 shares during the period. California Public Employees Retirement System grew its position in Broadcom by 33.7% during the 3rd quarter. California Public Employees Retirement System now owns 911,270 shares of the semiconductor manufacturer’s stock worth $251,574,000 after purchasing an additional 229,749 shares during the period. Hamlin Capital Management LLC acquired a new stake in Broadcom during the 4th quarter worth about $38,997,000. BlackRock Inc. grew its position in Broadcom by 0.4% during the 2nd quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock worth $7,421,177,000 after purchasing an additional 105,186 shares during the period. Finally, KCL Capital L.P. grew its position in Broadcom by 820.0% during the 2nd quarter. KCL Capital L.P. now owns 115,000 shares of the semiconductor manufacturer’s stock worth $33,104,000 after purchasing an additional 102,500 shares during the period. Institutional investors own 83.19% of the company’s stock.
In related news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $314.56, for a total value of $6,291,200.00. Also, CEO Hock E. Tan sold 73,646 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $303.36, for a total value of $22,341,250.56. The disclosure for this sale can be found here. Insiders sold a total of 251,146 shares of company stock valued at $77,974,726 in the last 90 days. 3.30% of the stock is currently owned by company insiders.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $3.25 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $2.65. The ex-dividend date of this dividend was Friday, December 20th. This represents a $13.00 dividend on an annualized basis and a yield of 4.01%. Broadcom’s dividend payout ratio (DPR) is 74.67%.
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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