Broadcom CEO Sells $5,481,455 in Stock (BRCM)
Broadcom (NASDAQ:BRCM) CEO Scott A. Mcgregor unloaded 139,300 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $39.35, for a total value of $5,481,455.00. Following the transaction, the chief executive officer now directly owns 1,711,602 shares in the company, valued at approximately $67,351,539. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Broadcom (NASDAQ:BRCM) traded up 1.50% on Wednesday, hitting $39.94. 9,529,290 shares of the company’s stock traded hands. Broadcom has a one year low of $24.60 and a one year high of $40.74. The stock has a 50-day moving average of $38.27 and a 200-day moving average of $34.07. The company has a market cap of $23.605 billion and a price-to-earnings ratio of 35.94. Broadcom also saw unusually large options trading activity on Tuesday. Stock investors purchased 10,955 call options on the stock. This represents an increase of approximately 367% compared to the average daily volume of 2,346 call options.
Broadcom (NASDAQ:BRCM) last released its earnings data on Tuesday, July 22nd. The company reported $0.65 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.70 earnings per share. Broadcom’s revenue was down 2.3% compared to the same quarter last year. 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 1.20%. The ex-dividend date of this dividend 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, 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 research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-two have assigned a buy rating to the company. Broadcom presently has a consensus rating of “Buy” and an average price target of $40.88.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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