Broadcom hits new all-time high at $814.97

Published: May 27 2023, 07:01 GMT+0

Broadcom hits new all-time high at $814.97

After closing at $728.8 Thursday, Broadcom gained $83.93 yesterday and hit a new record high of $814.97. Daily trading volume (7.75 million shares) increased, making up 379% of the 21-day average (2 million).

Broadcom is scheduled to announce earnings results Thursday. The consensus Earnings Per Share estimate is 10.08 and the consensus revenue estimate is $8.70 billion.

With traders awaiting session open in 3 days, yesterday's session was noteworthy in that S&P 500 built upon its previous close around 4,151.28 to gain 1.3%, before closing the session at 4,205.45. Nasdaq improves 2.19% before ending the session at 12,976. Broadcom climbed to $728.8 with similar gains seen throughout the Technology sector (up 0.534%).

Broadcom disclosed a quarterly dividend of $4.6 per share on Thursday, March 2nd that was paid on Friday, March 31st to all shareholders of record up until Wednesday, March 22nd. Based on current prices, the company's decision thereby provides Broadcom investors with an annual dividend yield of 2.26%.

This rally in Broadcom's share price coincided with other technology stocks as Intel added 5.84% to its value, and traded at $29. Qualcomm gained 6.09%, as it traded at $110.35. Accenture plc Class A (Ireland) added 4.06% to its value, and traded at $303.6.

Approximately a day ago, the semiconductors company reached a significant high of $811.43 but has struggled to hold onto its gains and declined 10.18% since then. So far this year, it has performed better than the Nasdaq by 34.39%. The semiconductors company's market cap currently stands at $338.85 billion with an average daily trading volume of 2 million shares.