BTG Pactual Asset Management US LLC Lowers Stock Position in Broadcom Inc. $AVGO

BTG Pactual Asset Management US LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 88.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,488 shares of the semiconductor manufacturer’s stock after selling 25,574 shares during the quarter. BTG Pactual Asset Management US LLC’s holdings in Broadcom were worth $961,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Sawyer & Company Inc raised its holdings in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in Broadcom in the 2nd quarter valued at about $27,000. Legend Financial Advisors Inc. acquired a new position in Broadcom in the 2nd quarter valued at about $28,000. LGT Financial Advisors LLC purchased a new stake in Broadcom during the 2nd quarter valued at approximately $31,000. Finally, New England Capital Financial Advisors LLC acquired a new stake in Broadcom during the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AVGO. Truist Financial set a $500.00 target price on Broadcom in a report on Friday. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday. UBS Group restated a “buy” rating and set a $472.00 price objective (up previously from $415.00) on shares of Broadcom in a research report on Monday, December 1st. Argus raised their target price on shares of Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Finally, Susquehanna reiterated a “positive” rating and set a $450.00 price target (up from $400.00) on shares of Broadcom in a research note on Thursday, December 4th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $435.85.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the company’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $331.14, for a total value of $264,912.00. Following the sale, the director owned 21,382 shares of the company’s stock, valued at approximately $7,080,435.48. This represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 16,558 shares of the firm’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total value of $5,755,726.38. Following the completion of the transaction, the insider owned 329,302 shares of the company’s stock, valued at approximately $114,468,668.22. This represents a 4.79% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 837,433 shares of company stock worth $303,900,352. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $359.93 on Friday. The firm’s fifty day simple moving average is $363.17 and its 200-day simple moving average is $317.38. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. The stock has a market cap of $1.70 trillion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.38 and a beta of 1.19. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The firm had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same quarter in the previous year, the firm earned $1.42 earnings per share. The firm’s revenue was up 28.2% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be issued a $0.65 dividend. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 49.58%.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.