Broadcom Given a $46.00 Price Target by Canaccord Genuity Analysts (BRCM)
Investment analysts at Canaccord Genuity set a $46.00 price objective on shares of Broadcom (NASDAQ:BRCM) stock in a note issued to investors on Friday. Canaccord Genuity’s target price suggests a potential upside of 20.23% from the company’s current price.
In other Broadcom news, CEO Scott A. Mcgregor unloaded 125,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $38.11, for a total transaction of $4,763,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Broadcom (NASDAQ:BRCM) opened at 38.26 on Friday. Broadcom has a one year low of $23.25 and a one 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 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 trading volume, of 5,129,203 shares, the days-to-cover ratio is currently 2.2 days. Approximately 2.1% of the shares of the company are short sold.
Broadcom (NASDAQ:BRCM) last announced its earnings results on Thursday, April 24th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter 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. Shareholders 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.
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 research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and nineteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $37.41.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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