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Broadcom Inc. (AVGO) Outpaces Stock Market Gains: What You Should Know
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Broadcom Inc. (AVGO - Free Report) closed the most recent trading day at $167.71, moving +1.2% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.97% for the day. Meanwhile, the Dow gained 0.58%, and the Nasdaq, a tech-heavy index, added 1.39%.
Heading into today, shares of the chipmaker had gained 5.32% over the past month, outpacing the Computer and Technology sector's loss of 5.36% and the S&P 500's loss of 1.85% in that time.
Investors will be eagerly watching for the performance of Broadcom Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on September 5, 2024. The company is forecasted to report an EPS of $1.20, showcasing a 14.29% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $12.9 billion, showing a 45.36% escalation compared to the year-ago quarter.
AVGO's full-year Zacks Consensus Estimates are calling for earnings of $4.72 per share and revenue of $51.37 billion. These results would represent year-over-year changes of +11.58% and +43.43%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Broadcom Inc. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% lower. Broadcom Inc. presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Broadcom Inc. is presently being traded at a Forward P/E ratio of 35.09. This represents a premium compared to its industry's average Forward P/E of 33.75.
One should further note that AVGO currently holds a PEG ratio of 2.31. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. AVGO's industry had an average PEG ratio of 2.68 as of yesterday's close.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 148, this industry ranks in the bottom 42% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Broadcom Inc. (AVGO) Outpaces Stock Market Gains: What You Should Know
Broadcom Inc. (AVGO - Free Report) closed the most recent trading day at $167.71, moving +1.2% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.97% for the day. Meanwhile, the Dow gained 0.58%, and the Nasdaq, a tech-heavy index, added 1.39%.
Heading into today, shares of the chipmaker had gained 5.32% over the past month, outpacing the Computer and Technology sector's loss of 5.36% and the S&P 500's loss of 1.85% in that time.
Investors will be eagerly watching for the performance of Broadcom Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on September 5, 2024. The company is forecasted to report an EPS of $1.20, showcasing a 14.29% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $12.9 billion, showing a 45.36% escalation compared to the year-ago quarter.
AVGO's full-year Zacks Consensus Estimates are calling for earnings of $4.72 per share and revenue of $51.37 billion. These results would represent year-over-year changes of +11.58% and +43.43%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Broadcom Inc. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% lower. Broadcom Inc. presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Broadcom Inc. is presently being traded at a Forward P/E ratio of 35.09. This represents a premium compared to its industry's average Forward P/E of 33.75.
One should further note that AVGO currently holds a PEG ratio of 2.31. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. AVGO's industry had an average PEG ratio of 2.68 as of yesterday's close.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 148, this industry ranks in the bottom 42% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.