BTC Capital Management Inc. Takes Position in Broadcom Inc (AVGO)

BTC Capital Management Inc. acquired a new stake in Broadcom Inc (NASDAQ:AVGO) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 16,860 shares of the semiconductor manufacturer’s stock, valued at approximately $4,086,000.

Other institutional investors have also recently bought and sold shares of the company. Marcus Capital LLC purchased a new position in Broadcom in the second quarter valued at approximately $364,000. BP PLC purchased a new position in Broadcom in the second quarter valued at approximately $12,135,000. Wesbanco Bank Inc. purchased a new position in Broadcom in the second quarter valued at approximately $19,879,000. Sigma Investment Counselors Inc. purchased a new position in Broadcom in the second quarter valued at approximately $286,000. Finally, KBC Group NV purchased a new position in Broadcom in the second quarter valued at approximately $10,500,000. Institutional investors and hedge funds own 84.35% of the company’s stock.

Several research firms recently commented on AVGO. Sanford C. Bernstein reiterated a “buy” rating on shares of Broadcom in a research note on Thursday, July 12th. ValuEngine upgraded Broadcom from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 25th. Craig Hallum restated a “buy” rating and set a $300.00 target price (down previously from $330.00) on shares of Broadcom in a research report on Friday, September 7th. Longbow Research downgraded Broadcom from a “buy” rating to a “neutral” rating in a research report on Thursday, July 12th. Finally, MKM Partners dropped their target price on Broadcom to $255.00 in a research report on Friday, September 7th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $288.56.

Shares of AVGO stock opened at $236.34 on Monday. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68. The firm has a market capitalization of $99.24 billion, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 0.95 and a beta of 0.94.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The company had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the business posted $4.10 earnings per share. The firm’s revenue was up 13.4% compared to the same quarter last year. analysts predict that Broadcom Inc will post 18.09 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Wednesday, September 19th will be given a $1.75 dividend. The ex-dividend date of this dividend is Tuesday, September 18th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.96%. Broadcom’s dividend payout ratio (DPR) is presently 48.95%.

In related news, SVP Bryan Ingram sold 20,000 shares of the stock in a transaction on Wednesday, July 11th. The stock was sold at an average price of $245.62, for a total value of $4,912,400.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 80,000 shares of company stock worth $18,078,200 in the last quarter. 3.30% of the stock is currently owned by company insiders.

Broadcom Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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