Broadcom Corp. PT Raised to $33.00 (BRCM)
Stock analysts at JMP Securities hoisted their price objective on shares of Broadcom Corp. (NASDAQ:BRCM) from $31.00 to $33.00 in a report issued on Friday, American Banking and Market News reports. JMP Securities’ target price would indicate a potential upside of 10.89% from the stock’s previous close.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 1.88% during mid-day trading on Friday, hitting $29.76. 16,487,104 shares of the company’s stock traded hands. Broadcom Corp. has a one year low of $23.25 and a one year 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 some unusual options trading on Wednesday. Investors acquired 15,007 put options on the stock. This represents an increase of 336% compared to the average 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 declared a quarterly dividend, which is scheduled for Monday, March 3rd. Shareholders 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 1.61%.
In other Broadcom Corp. news, EVP Robert Rango sold 4,687 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was 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 Securities & Exchange Commission, which is available at this link.
BRCM has been the subject of a number of other recent research reports. 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. Separately, 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. Finally, 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. 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. The stock has a consensus rating of “Buy” and an average price target of $32.69.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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