Broadcom Short Interest Up 11.1% in April (BRCM)
Shares of Broadcom (NASDAQ:BRCM) were the recipient of a significant increase in short interest in the month of April. As of April 30th, there was short interest totalling 15,615,564 shares, an increase of 11.1% from the April 15th total of 14,051,357 shares, AR Network reports. Based on an average trading volume of 8,505,512 shares, the days-to-cover ratio is currently 1.8 days. Currently, 2.9% of the shares of the company are sold short.
In other Broadcom news, EVP Robert Rango unloaded 14,061 shares of the stock on the open market in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $30.38, for a total transaction of $427,173.18. Following the sale, the executive vice president now directly owns 429,540 shares in the company, valued at approximately $13,049,425. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Nomura downgraded shares of Broadcom from a “buy” rating to a “neutral” rating in a research note on Friday, May 2nd. They now have a $30.00 price target on the stock, down previously from $33.00. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Broadcom in a research note on Wednesday, April 30th. They now have a $37.00 price target on the stock. Finally, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Broadcom in a research note on Friday, April 25th. They now have a $34.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. Broadcom currently has an average rating of “Hold” and an average target price of $32.51.
Shares of Broadcom (NASDAQ:BRCM) opened at 29.83 on Thursday. Broadcom 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 $30.41 and a 200-day moving average of $29.29. The company has a market cap of $17.451 billion and a price-to-earnings ratio of 43.91.
Broadcom (NASDAQ:BRCM) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.45 by $0.06. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. Analysts expect that Broadcom will post $2.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 16th. Investors of record on Friday, May 30th 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%. The ex-dividend date of this dividend is Wednesday, May 28th.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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