Broadcom Receives New Coverage from Analysts at Canaccord Genuity (BRCM)
Analysts at Canaccord Genuity began coverage on shares of Broadcom (NASDAQ:BRCM) in a research report issued to clients and investors on Tuesday. The firm set a “buy” rating and a $42.00 price target on the stock. Canaccord Genuity’s price target points to a potential upside of 10.21% from the stock’s previous close.
A number of other firms have also recently commented on BRCM. Analysts at BMO Capital Markets raised their price target on shares of Broadcom from $27.00 to $41.00 in a research note on Monday. They now have a “market perform” rating on the stock. Separately, analysts at BNP Paribas upgraded shares of Broadcom from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 5th. They now have a $35.00 price target on the stock, up previously from $26.00. Finally, analysts at Barclays upgraded shares of Broadcom from an “underweight” rating to an “equal weight” rating in a research note on Thursday, June 5th. They now have a $40.00 price target on the stock, up previously from $28.00. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty have issued a buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and an average price target of $37.28.
In other Broadcom news, CEO Scott A. Mcgregor sold 125,000 shares of Broadcom stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $37.95, for a total transaction of $4,743,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Broadcom (NASDAQ:BRCM) traded down 0.60% during mid-day trading on Tuesday, hitting $37.88. 6,233,290 shares of the company’s stock traded hands. Broadcom has a 52-week low of $23.25 and a 52-week high of $38.48. The stock has a 50-day moving average of $31.47 and a 200-day moving average of $30.08. The company has a market cap of $22.160 billion and a price-to-earnings ratio of 55.96.
Broadcom (NASDAQ:BRCM) last posted its quarterly 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 $2.56 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.26%. 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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