Broadcom Upgraded to Equal Weight by Barclays (BRCM)
Broadcom (NASDAQ:BRCM) was upgraded by equities research analysts at Barclays from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Thursday. The firm currently has a $40.00 target price on the stock, up from their previous target price of $28.00. Barclays’ price objective points to a potential upside of 7.90% from the company’s current price.
Shares of Broadcom (NASDAQ:BRCM) traded up 1.62% during mid-day trading on Thursday, hitting $37.6701. 10,830,935 shares of the company’s stock traded hands. Broadcom has a one year low of $23.25 and a one year 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 $22.037 billion and a P/E ratio of 54.43. Broadcom also was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 12,810,746 shares, a decrease of 18.0% from the April 30th total of 15,615,564 shares. Based on an average trading volume of 5,772,440 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.4% of the company’s stock are sold short.
Broadcom (NASDAQ:BRCM) last announced its earnings results 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 $2.55 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 1.29%. The ex-dividend date of this dividend is Wednesday, May 28th.
BRCM has been the subject of a number of other recent research reports. 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. Separately, analysts at Standpoint Research downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, analysts at Stifel downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday. They now have a $35.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have given a buy rating to the stock. Broadcom currently has a consensus rating of “Buy” and a consensus price target of $36.75.
In other Broadcom news, CEO Scott A. Mcgregor sold 75,000 shares of Broadcom stock on the open market in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $35.57, for a total value of $2,667,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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