Broadcom Inc. (AVGO) stock went up by 6.27% in the pre-market, after the company posted Q4 fiscal 2021 earnings on December 09. Along with the earnings, the company also announced quarterly dividends and a share repurchase program.
In Thursday’s session, the stock traded in the red, to close at $583.42 with a loss of 0.87% or $5.14. After the emergence of the news, AVGO stock became bullish, reaching $620.02 at the pre-market.
The semiconductor and infrastructure software solutions supplier, Broadcom Inc. (AVGO) was founded in 1961.
AVGO stock Movement
It was just a few days ago on December 07, that the AVGO stock reached a new 52-week high of $597.3. Since then, the stock had been falling down, trading in the red. The tide reversed on Thursday when the company announced its earnings, dividends, and a share repurchase program. As of Thursday’s aftermarket session, the stock broke its previous 52-week high to reach $621.00.
Although the stock is bound to enter market corrections, gaining some more in the upcoming session would make it reach new heights.
Broadcom’s Financials
On Thursday, AVGO announced its financial results for the fourth quarter of fiscal 2021, which ended on October 31, 2021. In the fourth quarter of fiscal 2021, the revenue increased by 15% year-over-year, to $7,407 million.
At the end of the fourth quarter of fiscal 2021, AVGO had cash and cash equivalents of $12,163 million, against the previous quarter’s $11,105 million.
Quarterly Dividends
A quarterly cash dividend of $4.10 per share of the company’s common stock was declared along with the earnings report. Further, the record date for the dividend is December 22, while it will be payable on December 31, 2021.
In addition, a quarterly cash dividend of $20.00 per share of the 8.00% Mandatory Convertible Preferred Stock, Series A, was also announced. The record date for this dividend is December 15, 2021, with the same payable date as the common stock dividend.
AVGO’s Share Repurchase Authorization
On Thursday, AVGO further announced the authorization of a new $10 billion share repurchase program. Further, the share repurchase program will be effective till December 31, 2022.
