Broadcom Inc. (NASDAQ:AVGO) Announces Quarterly Dividend of $0.53

Broadcom Inc. (NASDAQ:AVGO) announced a quarterly dividend on Thursday, September 5th, RTT News reports. Stockholders of record on Thursday, September 19th will be given a dividend of 0.53 per share by the semiconductor manufacturer on Monday, September 30th. This represents a $2.12 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53.

Broadcom has raised its dividend payment by an average of 12.6% annually over the last three years and has raised its dividend every year for the last 15 years. Broadcom has a dividend payout ratio of 34.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Broadcom to earn $5.04 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 42.1%.

Broadcom Price Performance

AVGO stock opened at $162.47 on Wednesday. Broadcom has a 52-week low of $79.51 and a 52-week high of $185.16. The business has a fifty day moving average of $157.17 and a two-hundred day moving average of $146.21. The stock has a market cap of $756.28 billion, a price-to-earnings ratio of 6.99, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the firm earned $0.95 EPS. Broadcom’s revenue was up 47.3% on a year-over-year basis. As a group, research analysts anticipate that Broadcom will post 3.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AVGO. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Wells Fargo & Company increased their target price on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Barclays lifted their target price on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Melius initiated coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target on the stock. Finally, Piper Sandler lifted their price objective on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Insider Buying and Selling

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

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.