Insider Selling: Broadcom Director Sells 16,656 Shares of Stock (BRCM)
Broadcom (NASDAQ:BRCM) Director William T. Morrow sold 16,656 shares of Broadcom stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $37.72, for a total transaction of $628,264.32. Following the completion of the transaction, the director now directly owns 17,644 shares of the company’s stock, valued at approximately $665,532. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Broadcom (NASDAQ:BRCM) traded up 0.80% on Friday, hitting $38.01. The stock had a trading volume of 5,455,111 shares. Broadcom has a 52-week low of $24.60 and a 52-week high of $40.74. The stock has a 50-day moving average of $37. and a 200-day moving average of $33.16. The company has a market cap of $22.464 billion and a P/E ratio of 34.44.
Broadcom (NASDAQ:BRCM) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $0.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.61 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. On average, analysts predict that Broadcom will post $2.84 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.27%. The ex-dividend date is Wednesday, August 27th.
BRCM has been the subject of a number of recent research reports. Analysts at Jefferies Group reiterated a “buy” rating on shares of Broadcom in a research note on Monday. Separately, analysts at Bernstein raised their price target on shares of Broadcom from $44.00 to $46.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of Broadcom from $40.00 to $45.00 in a research note on Wednesday, July 23rd. They now have a “positive” rating on the stock. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have given a buy rating to the stock. Broadcom presently has an average rating of “Buy” and a consensus target price of $40.88.
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.