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 the company’s stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $36.98, for a total value of $2,773,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,761,547 shares in the company, valued at approximately $65,142,008. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
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, 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 analyst has rated the stock with a sell rating, sixteen have given a hold rating and nineteen have given a buy rating to the stock. Broadcom has an average rating of “Buy” and an average target price of $37.65.
Broadcom (NASDAQ:BRCM) traded up 0.71% on Monday, hitting $37.12. 5,348,508 shares of the company’s stock traded hands. 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 $34.7 and a 200-day moving average of $31.2. The company has a market cap of $21.715 billion and a P/E ratio of 54.13. Broadcom also was the recipient of a significant growth in short interest during the month of June. As of June 13th, there was short interest totalling 12,570,380 shares, a growth 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 days-to-cover ratio is currently 0.8 days. Approximately 2.4% 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 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.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.