Insider Selling: Scott A. Mcgregor Unloads 75,000 Shares of Broadcom Stock (BRCM)
Broadcom (NASDAQ:BRCM) CEO Scott A. Mcgregor sold 75,000 shares of Broadcom stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $38.23, for a total value of $2,867,250.00. Following the completion of the transaction, the chief executive officer now directly owns 1,761,547 shares of the company’s stock, valued at approximately $67,343,942. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Broadcom (NASDAQ:BRCM) traded down 0.21% during mid-day trading on Friday, hitting $38.28. The stock had a trading volume of 8,835,638 shares. Broadcom has a 52 week low of $23.25 and a 52 week high of $38.85. The stock has a 50-day moving average of $33.5 and a 200-day moving average of $30.77. The company has a market cap of $22.394 billion and a P/E ratio of 56.33. Broadcom also saw a significant decrease in short interest during the month of 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 daily volume of 5,129,203 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.1% of the shares of the company 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.
A number of analysts have recently weighed in on BRCM shares. Analysts at Benchmark Co. downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday. They now have a $40.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at TheStreet upgraded shares of Broadcom to a “buy” rating in a research note on Monday. Finally, analysts at Canaccord Genuity set a $46.00 price target on shares of Broadcom in a research note on Friday, June 13th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $37.56.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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