Broadcom Corp. (BRCM) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS
Broadcom Corp. (NASDAQ:BRCM) issued its quarterly earnings data on Thursday. The company reported $0.60 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.57 by $0.03, StockRatingsNetwork.com reports. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.02 billion.
In other Broadcom Corp. news, EVP Robert Rango sold 4,687 shares of Broadcom Corp. stock on the open market in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $30.00, for a total value of $140,610.00. Following the completion of the sale, the executive vice president now directly owns 290,863 shares of the company’s stock, valued at approximately $8,725,890. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded down 3.23% during mid-day trading on Monday, hitting $28.80. The stock had a trading volume of 10,427,436 shares. Broadcom Corp. has a 52 week low of $23.25 and a 52 week high of $37.85. The stock’s 50-day moving average is $29.13 and its 200-day moving average is $27.38. The company has a market cap of $16.589 billion and a P/E ratio of 40.77.
The company also recently declared a quarterly dividend, which is scheduled for Monday, March 3rd. Investors of record on Friday, February 14th will be given a dividend of 0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Wednesday, February 12th. This is an increase from Broadcom Corp.’s previous quarterly dividend of $0.11.
A number of research firms have recently commented on BRCM. Analysts at JMP Securities raised their price target on shares of Broadcom Corp. from $31.00 to $33.00 in a research note to investors on Friday. On the ratings front, analysts at Evercore Partners raised their price target on shares of Broadcom Corp. from $34.00 to $35.00 in a research note to investors on Friday. Finally, analysts at Citigroup Inc. raised their price target on shares of Broadcom Corp. from $30.00 to $33.00 in a research note to investors on Friday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have issued a buy rating to the company. Broadcom Corp. has a consensus rating of “Buy” and a consensus target price of $32.69.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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