Broadcom Corp. Given New $35.00 Price Target at Evercore Partners (BRCM)
Analysts at Evercore Partners increased their price objective on shares of Broadcom Corp. (NASDAQ:BRCM) from $34.00 to $35.00 in a research report issued to clients and investors on Friday, AmericanBankingNews.com reports. Evercore Partners’ price objective indicates a potential upside of 17.61% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. 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. Separately, analysts at Jefferies Group raised their price target on shares of Broadcom Corp. from $36.00 to $37.00 in a research note to investors on Friday. Finally, analysts at Zacks upgraded shares of Broadcom Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, January 15th. They now have a $35.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twenty-two have given a buy rating to the company’s stock. Broadcom Corp. has an average rating of “Buy” and a consensus price target of $32.69.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 1.88% on Friday, hitting $29.76. 16,487,104 shares of the company’s stock traded hands. Broadcom Corp. has a 52-week low of $23.25 and a 52-week high of $37.85. The stock has a 50-day moving average of $29.07 and a 200-day moving average of $27.55. The company has a market cap of $16.904 billion and a price-to-earnings ratio of 33.69. Broadcom Corp. also was the target of some unusual options trading activity on Wednesday. Traders bought 15,007 put options on the stock. This is an increase of 336% compared to the average daily volume of 3,439 put options.
Broadcom Corp. (NASDAQ:BRCM) last issued its quarterly earnings data on Friday, January 31st. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.02 billion. Analysts expect that Broadcom Corp. will post $2.49 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a dividend of 0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.61%.
In other Broadcom Corp. news, EVP Robert Rango sold 4,687 shares of Broadcom Corp. stock on the open market in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $30.00, for a total value of $140,610.00. Following the sale, the executive vice president now directly owns 290,863 shares in the company, valued at approximately $8,725,890. The sale was disclosed in a filing with the SEC, which is available at this link.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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