Broadcom CEO Scott A. Mcgregor Sells 75,000 Shares (BRCM)
Broadcom (NASDAQ:BRCM) CEO Scott A. Mcgregor sold 75,000 shares of Broadcom stock on the open market in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $37.37, for a total value of $2,802,750.00. Following the transaction, the chief executive officer now directly owns 1,761,547 shares of the company’s stock, valued at approximately $65,829,011. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Broadcom (NASDAQ:BRCM) traded up 1.31% on Wednesday, hitting $37.16. 14,671,082 shares of the company’s stock traded hands. Broadcom has a one year low of $23.25 and a one year high of $38.85. The stock has a 50-day moving average of $34.10 and a 200-day moving average of $31.02. The company has a market cap of $21.739 billion and a price-to-earnings ratio of 53.86. Broadcom also was the target of a large increase in short interest in June. As of June 13th, there was short interest totalling 12,570,380 shares, an increase of 13.6% from the May 30th total of 11,066,875 shares. Based on an average daily volume of 16,507,458 shares, the short-interest ratio is presently 0.8 days. Approximately 2.4% of the company’s stock are sold short.
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. On average, analysts predict that Broadcom will post $2.56 earnings per share for the current fiscal year.
BRCM has been the subject of a number of recent research reports. Analysts at Benchmark Co. downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, June 17th. 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, June 16th. Finally, analysts at Canaccord Genuity set a $46.00 price target on shares of Broadcom in a research note on Friday, June 13th. One equities 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 stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $37.56.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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