Broadcom Corp. Price Target Raised to $33.00 at Citigroup Inc. (BRCM)
Stock analysts at Citigroup Inc. raised their target price on shares of Broadcom Corp. (NASDAQ:BRCM) from $30.00 to $33.00 in a report issued on Friday, StockRatingsNetwork reports. Citigroup Inc.’s target price would indicate a potential upside of 10.89% from the company’s current price.
A number of other analysts have also recently weighed in on BRCM. 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. Separately, 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. Finally, analysts at FBR Capital Markets raised their price target on shares of Broadcom Corp. to $32.00 in a research note to investors on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twenty-two have given a buy rating to the company. Broadcom Corp. currently has an average rating of “Buy” and a consensus price target of $32.69.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 1.88% during mid-day trading on Friday, hitting $29.76. The stock had a trading volume of 16,487,104 shares. 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 recipient of unusually large options trading activity on Wednesday. Stock traders acquired 15,007 put options on the stock. This represents an increase of approximately 336% compared to the typical volume of 3,439 put options.
Broadcom Corp. (NASDAQ:BRCM) last announced its earnings results on Friday, January 31st. The company reported $0.60 earnings per share for the quarter, beating the analysts’ 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. Investors 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 in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $30.00, for a total transaction 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 document filed 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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