Broadcom Inc. to Post FY2024 Earnings of $3.80 Per Share, William Blair Forecasts (NASDAQ:AVGO)

Broadcom Inc. (NASDAQ:AVGO) – Research analysts at William Blair issued their FY2024 earnings estimates for Broadcom in a research note issued to investors on Wednesday, September 18th. William Blair analyst S. Naji forecasts that the semiconductor manufacturer will earn $3.80 per share for the year. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Broadcom’s current full-year earnings is $3.77 per share. William Blair also issued estimates for Broadcom’s Q4 2024 earnings at $1.15 EPS, Q1 2025 earnings at $1.32 EPS, Q2 2025 earnings at $1.39 EPS, Q3 2025 earnings at $1.45 EPS, Q4 2025 earnings at $1.52 EPS and FY2025 earnings at $5.69 EPS.

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

Several other research firms have also recently weighed in on AVGO. Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Morgan Stanley increased their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. UBS Group reduced their target price on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Melius initiated coverage on shares of Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 target price for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Up 1.1 %

Broadcom stock opened at $174.84 on Monday. The stock has a market capitalization of $813.86 billion, a PE ratio of 7.52, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. Broadcom has a twelve month low of $80.44 and a twelve month high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average of $156.95 and a 200-day moving average of $147.42.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.21%. Broadcom’s dividend payout ratio is presently 9.12%.

Insider Activity

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly 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 available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders have sold 82,702 shares of company stock valued at $25,206,941 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Broadcom

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Capital International Investors grew its stake in Broadcom by 4.5% during the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares in the last quarter. Northern Trust Corp grew its stake in Broadcom by 3.7% during the fourth quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after buying an additional 170,063 shares in the last quarter. Jennison Associates LLC grew its stake in Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after buying an additional 1,263,957 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Broadcom by 2.2% during the second quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock worth $6,362,816,000 after buying an additional 83,846 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

About Broadcom

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.