Broadcom CFO Sells $758,400 in Stock (BRCM)
Broadcom (NASDAQ:BRCM) CFO Eric Brandt unloaded 20,000 shares of the stock on the open market in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $37.92, for a total transaction of $758,400.00. Following the completion of the sale, the chief financial officer now directly owns 554,607 shares of the company’s stock, valued at approximately $21,030,697. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Broadcom (NASDAQ:BRCM) traded up 0.68% on Thursday, hitting $38.26. 11,452,407 shares of the company’s stock traded hands. Broadcom has a one year low of $23.25 and a one year high of $38.48. The stock’s 50-day moving average is $32.15 and its 200-day moving average is $30.29. The company has a market cap of $22.382 billion and a price-to-earnings ratio of 55.80. Broadcom also saw a significant drop in short interest in the month of May. As of May 30th, there was short interest totalling 11,066,875 shares, a drop of 13.6% from the May 15th total of 12,810,746 shares. Based on an average daily volume of 5,129,203 shares, the days-to-cover ratio is presently 2.2 days. Currently, 2.1% of the company’s stock are short sold.
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. Analysts expect that Broadcom will post $2.56 EPS 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 1.25%. The ex-dividend date of this dividend is Wednesday, May 28th.
Several analysts have recently commented on the stock. Analysts at Canaccord Genuity initiated coverage on shares of Broadcom in a research note on Tuesday. They set a “buy” rating and a $42.00 price target on the stock. Separately, 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. Finally, 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. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty have issued a buy rating to the company. Broadcom presently has a consensus rating of “Buy” and a consensus price target of $37.28.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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