Broadcom Director John E. Major Unloads 1,000 Shares (BRCM)
Broadcom (NASDAQ:BRCM) Director John E. Major sold 1,000 shares of Broadcom stock on the open market in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $35.95, for a total value of $35,950.00. Following the sale, the director now directly owns 43,925 shares in the company, valued at approximately $1,579,104. The sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of research firms have recently commented on BRCM. Analysts at BNP Paribas upgraded shares of Broadcom from an “underperform” rating to a “neutral” rating in a research note on Thursday. They now have a $35.00 price target on the stock, up previously from $26.00. Separately, analysts at Barclays upgraded shares of Broadcom from an “underweight” rating to an “equal weight” rating in a research note on Thursday. They now have a $40.00 price target on the stock, up previously from $28.00. Finally, analysts at Drexel Hamilton upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Wednesday. They now have a $45.00 price target on the stock. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have given a buy rating to the stock. Broadcom has a consensus rating of “Buy” and an average price target of $36.75.
Broadcom (NASDAQ:BRCM) traded up 1.63% on Thursday, hitting $37.675. 10,399,624 shares of the company’s stock traded hands. Broadcom has a 52-week low of $23.25 and a 52-week high of $37.14. The stock has a 50-day moving average of $30.82 and a 200-day moving average of $29.80. The company has a market cap of $22.040 billion and a price-to-earnings ratio of 54.43. Broadcom also was the recipient of a significant drop in short interest during 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. Approximately 2.4% of the company’s shares are sold short. Based on an average trading volume of 5,772,440 shares, the short-interest ratio is currently 2.2 days.
Broadcom (NASDAQ:BRCM) last announced its earnings results on Thursday, April 24th. The company reported $0.51 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.65 earnings per share. Broadcom’s revenue was down 1.0% compared to the same quarter last year. On average, analysts predict that Broadcom will post $2.55 earnings per share 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 1.29%. 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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