Broadcom CEO Scott A. Mcgregor Sells 75,000 Shares (BRCM)
Broadcom (NASDAQ:BRCM) CEO Scott A. Mcgregor sold 75,000 shares of the stock on the open market in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $37.73, for a total transaction of $2,829,750.00. Following the sale, the chief executive officer now directly owns 1,761,547 shares of the company’s stock, valued at approximately $66,463,168. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Broadcom (NASDAQ:BRCM) traded up 1.44% during mid-day trading on Wednesday, hitting $38.16. The stock had a trading volume of 6,807,854 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 $36.07 and a 200-day moving average of $31.64. The company has a market cap of $22.324 billion and a P/E ratio of 55.24.
Broadcom (NASDAQ:BRCM) last announced its earnings results 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. Analysts expect that Broadcom will post $2.56 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Oppenheimer upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating in a research note on Wednesday. They now have a $45.00 price target on the stock, up previously from $37.62. Separately, 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. Finally, analysts at TheStreet upgraded shares of Broadcom to a “buy” rating in a research note on Monday, June 16th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the company. Broadcom has a consensus rating of “Buy” and an average price target of $37.90.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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