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Broadcom Inc. (AVGO) Increases Despite Market Slip: Here's What You Need to Know
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Broadcom Inc. (AVGO - Free Report) ended the recent trading session at $1,337.51, demonstrating a +0.35% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.02% loss on the day. Elsewhere, the Dow saw a downswing of 0.21%, while the tech-heavy Nasdaq appreciated by 0.29%.
Shares of the chipmaker witnessed a loss of 0.84% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 1.39% and the S&P 500's gain of 1.29%.
The investment community will be closely monitoring the performance of Broadcom Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on June 12, 2024. The company is forecasted to report an EPS of $10.70, showcasing a 3.68% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $11.94 billion, up 36.76% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $46.95 per share and a revenue of $50.37 billion, indicating changes of +11.12% and +40.61%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Broadcom Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.03% increase. At present, Broadcom Inc. boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Broadcom Inc. is currently exchanging hands at a Forward P/E ratio of 28.39. For comparison, its industry has an average Forward P/E of 34.88, which means Broadcom Inc. is trading at a discount to the group.
We can additionally observe that AVGO currently boasts a PEG ratio of 2.08. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Electronics - Semiconductors stocks are, on average, holding a PEG ratio of 3.21 based on yesterday's closing prices.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 146, this industry ranks in the bottom 43% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Broadcom Inc. (AVGO) Increases Despite Market Slip: Here's What You Need to Know
Broadcom Inc. (AVGO - Free Report) ended the recent trading session at $1,337.51, demonstrating a +0.35% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.02% loss on the day. Elsewhere, the Dow saw a downswing of 0.21%, while the tech-heavy Nasdaq appreciated by 0.29%.
Shares of the chipmaker witnessed a loss of 0.84% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 1.39% and the S&P 500's gain of 1.29%.
The investment community will be closely monitoring the performance of Broadcom Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on June 12, 2024. The company is forecasted to report an EPS of $10.70, showcasing a 3.68% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $11.94 billion, up 36.76% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $46.95 per share and a revenue of $50.37 billion, indicating changes of +11.12% and +40.61%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Broadcom Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.03% increase. At present, Broadcom Inc. boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Broadcom Inc. is currently exchanging hands at a Forward P/E ratio of 28.39. For comparison, its industry has an average Forward P/E of 34.88, which means Broadcom Inc. is trading at a discount to the group.
We can additionally observe that AVGO currently boasts a PEG ratio of 2.08. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Electronics - Semiconductors stocks are, on average, holding a PEG ratio of 3.21 based on yesterday's closing prices.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 146, this industry ranks in the bottom 43% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.