Broadcom Assigned “A” Credit Rating (BRCM)
Broadcom (NASDAQ:BRCM) has been given an “A” credit rating by analysts at Morningstar. The firm’s “A” rating suggests that the company is a low default risk. They also issued a neutral credit outlook for the company and gave their stock a three star rating.
BRCM has been the subject of a number of other 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 analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have assigned a buy rating to the company. Broadcom has a consensus rating of “Buy” and an average price target of $40.88.
Shares of Broadcom (NASDAQ:BRCM) opened at 39.94 on Thursday. 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 was the target of some unusual options trading activity on Tuesday. Stock traders purchased 10,955 call options on the stock. This represents an increase of approximately 367% compared to the average 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 (EPS) for the quarter, beating the 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 previous year, the company posted $0.70 earnings per share. The company’s revenue for the quarter 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. Stockholders 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.
In other Broadcom news, CEO Scott A. Mcgregor sold 139,300 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $39.35, for a total value of $5,481,455.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
To view more credit ratings from Morningstar, visit www.morningstar.com.
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