Broadcom Chairman Sells $4,921,250 in Stock (BRCM)
Broadcom (NASDAQ:BRCM) Chairman Henry Samueli sold 125,000 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $39.37, for a total value of $4,921,250.00. Following the completion of the sale, the chairman now directly owns 503,949 shares in the company, valued at approximately $19,840,472. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on BRCM. 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 issued a hold rating and twenty-two have issued a buy rating to the stock. Broadcom has a consensus rating of “Buy” and an average price target of $40.88.
Broadcom (NASDAQ:BRCM) traded up 0.45% on Thursday, hitting $40.12. 6,336,634 shares of the company’s stock traded hands. 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 $38.27 and a 200-day moving average of $34.07. The company has a market cap of $23.711 billion and a P/E ratio of 36.47. Broadcom also was the recipient of some unusual options trading activity on Tuesday. Stock investors acquired 10,955 call options on the company. This is an increase of 367% compared to the average daily volume of 2,346 call options.
Broadcom (NASDAQ:BRCM) last posted its quarterly earnings results 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. Shareholders 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.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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