Insider Selling: Broadcom CEO Unloads 125,000 Shares of Stock (BRCM)
Broadcom (NASDAQ:BRCM) CEO Scott A. Mcgregor sold 125,000 shares of Broadcom stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $38.11, for a total value of $4,763,750.00. Following the transaction, the chief executive officer now directly owns 1,761,547 shares of the company’s stock, valued at approximately $67,132,556. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Broadcom (NASDAQ:BRCM) traded up 0.68% during mid-day trading on Thursday, hitting $38.26. The stock had a trading volume of 11,452,407 shares. Broadcom has a 52-week low of $23.25 and a 52-week 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 was the target of a significant decrease in short interest in May. As of May 30th, there was short interest totalling 11,066,875 shares, a decrease of 13.6% from the May 15th total of 12,810,746 shares. Based on an average trading volume of 5,129,203 shares, the short-interest ratio is currently 2.2 days. Approximately 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 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. Analysts expect that Broadcom will post $2.56 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Wednesday, May 28th.
BRCM has been the subject of a number of recent research reports. 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 assigned a hold rating and twenty have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $37.28.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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