Broadcom Downgraded by Stifel to “Hold” (BRCM)
Broadcom (NASDAQ:BRCM) was downgraded by investment analysts at Stifel from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday. They currently have a $35.00 price objective on the stock. Stifel’s price target would suggest a potential downside of 2.45% from the stock’s previous close.
A number of other firms have also recently commented on BRCM. Analysts at Nomura reiterated a “neutral” rating on shares of Broadcom in a research note on Tuesday. They now have a $38.00 price target on the stock, up previously from $30.00. Separately, analysts at FBR Capital Markets reiterated an “outperform” rating on shares of Broadcom in a research note on Tuesday. They now have a $39.00 price target on the stock, up previously from $35.00. Finally, analysts at Credit Suisse raised their price target on shares of Broadcom from $27.00 to $33.00 in a research note on Tuesday. They now have a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $35.75.
Shares of Broadcom (NASDAQ:BRCM) traded up 2.99% during mid-day trading on Tuesday, hitting $35.88. 21,782,120 shares of the company’s stock traded hands. Broadcom has a 52 week low of $23.25 and a 52 week high of $36.20. The stock’s 50-day moving average is $30.40 and its 200-day moving average is $29.68. The company has a market cap of $20.990 billion and a P/E ratio of 51.16. Broadcom also saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 12,810,746 shares, a drop of 18.0% from the April 30th total of 15,615,564 shares. Currently, 2.4% of the shares of the stock are sold short. Based on an average trading volume of 5,772,440 shares, the short-interest ratio is presently 2.2 days.
Broadcom (NASDAQ:BRCM) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts predict that Broadcom will post $2.52 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 16th. Stockholders 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 1.34%. 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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