Insider Selling: Broadcom VP Sells 10,000 Shares of Stock (BRCM)
Broadcom (NASDAQ:BRCM) VP Arthur Chong unloaded 10,000 shares of the company’s stock on the open market in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $37.92, for a total transaction of $379,200.00. Following the sale, the vice president now directly owns 431,474 shares in the company, valued at approximately $16,361,494. The transaction was disclosed in a legal filing with the SEC, 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 1-year low of $23.25 and a 1-year high of $38.48. The stock has a 50-day moving average of $32.15 and a 200-day moving average of $30.29. The company has a market cap of $22.382 billion and a P/E ratio of 55.80. Broadcom also was the recipient of a large 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. Currently, 2.1% of the shares of the company are sold short. Based on an average trading volume of 5,129,203 shares, the days-to-cover ratio is currently 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 $2.56 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Investors 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.
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 assigned a hold rating and twenty have issued a buy rating to the company’s stock. The company 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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