Traders Purchase Large Volume of Call Options on Broadcom (BRCM)
Shares of Broadcom (NASDAQ:BRCM) saw unusually large options trading activity on Tuesday. Stock traders bought 10,955 call options on the company, American Banking and Market News reports. This represents an increase of 367% compared to the average daily volume of 2,346 call options.
In other Broadcom news, EVP Michael E. Hurlston sold 3,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $38.86, for a total value of $143,782.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Jefferies Group reiterated a “buy” rating on shares of Broadcom in a research note on Monday, August 11th. 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 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 company. Broadcom currently has a consensus rating of “Buy” and an average price target of $40.88.
Shares of Broadcom (NASDAQ:BRCM) traded down 0.08% during mid-day trading on Tuesday, hitting $39.35. The stock had a trading volume of 6,792,202 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 $38.1 and a 200-day moving average of $33.97. The company has a market cap of $23.256 billion and a price-to-earnings ratio of 35.96.
Broadcom (NASDAQ:BRCM) last released its 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. Analysts expect that Broadcom will post $2.84 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Wednesday, August 27th.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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