Broadcom Director John E. Major Sells 1,000 Shares (BRCM)
Broadcom (NASDAQ:BRCM) Director John E. Major unloaded 1,000 shares of Broadcom stock on the open market in a transaction dated Monday, June 2nd. The shares were sold at an average price of $35.95, for a total transaction of $35,950.00. Following the completion of the sale, the director now directly owns 43,925 shares of the company’s stock, valued at approximately $1,579,104. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Broadcom (NASDAQ:BRCM) traded down 0.21% on Friday, hitting $37.53. 2,099,323 shares of the company’s stock traded hands. Broadcom has a 52-week low of $23.25 and a 52-week high of $37.96. The stock’s 50-day moving average is $31.04 and its 200-day moving average is $29.86. The company has a market cap of $21.955 billion and a P/E ratio of 55.23. Broadcom also was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 12,810,746 shares, a decline of 18.0% from the April 30th total of 15,615,564 shares. Approximately 2.4% of the shares of the stock are short sold. Based on an average daily volume of 5,772,440 shares, the days-to-cover ratio is presently 2.2 days.
Broadcom (NASDAQ:BRCM) last issued its quarterly earnings data 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. 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. Shareholders 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 1.28%. The ex-dividend date of this dividend is Wednesday, May 28th.
Several analysts have recently commented on the stock. 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 issued a hold rating and twenty-one have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $36.75.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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