Banque Transatlantique SA Sells 171,716 Shares of Broadcom Inc. $AVGO

Banque Transatlantique SA trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 78.3% during the second quarter, HoldingsChannel.com reports. The firm owned 47,632 shares of the semiconductor manufacturer’s stock after selling 171,716 shares during the quarter. Banque Transatlantique SA’s holdings in Broadcom were worth $13,151,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Assetmark Inc. lifted its position in Broadcom by 2.4% during the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after buying an additional 39,466 shares in the last quarter. Capital Counsel LLC NY acquired a new stake in shares of Broadcom in the second quarter valued at about $221,000. Waterloo Capital L.P. raised its holdings in Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after acquiring an additional 3,180 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Broadcom by 27.9% during the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after purchasing an additional 13,978 shares during the last quarter. Finally, RiverFront Investment Group LLC boosted its position in Broadcom by 107.6% during the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after purchasing an additional 8,566 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 368,797 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the transaction, the director directly owned 37,722,534 shares in the company, valued at $12,746,821,463.94. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 100,000 shares of the stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the sale, the chief executive officer owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Down 11.4%

Shares of NASDAQ:AVGO opened at $359.93 on Friday. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The business has a 50 day moving average of $363.17 and a 200-day moving average of $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 P/E/G ratio of 1.38 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same period last year, the firm earned $1.42 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

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

Analyst Ratings Changes

A number of analysts have commented on the stock. KeyCorp reiterated an “overweight” rating and issued a $500.00 price target (up previously from $460.00) on shares of Broadcom in a research note on Friday. Oppenheimer upped their target price on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday. Piper Sandler reissued an “overweight” rating and set a $430.00 price target (up previously from $375.00) on shares of Broadcom in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 price objective on Broadcom and gave the company a “buy” rating in a research note on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Broadcom presently has a consensus rating of “Buy” and an average price target of $435.85.

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.