Pinkerton Wealth LLC Sells 2,075 Shares of Broadcom Inc. $AVGO

Pinkerton Wealth LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,718 shares of the semiconductor manufacturer’s stock after selling 2,075 shares during the quarter. Broadcom makes up approximately 1.2% of Pinkerton Wealth LLC’s portfolio, making the stock its 17th largest holding. Pinkerton Wealth LLC’s holdings in Broadcom were worth $11,454,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Broadcom during the 2nd quarter worth $18,579,549,000. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares in the last quarter. Edgewood Management LLC acquired a new stake in shares of Broadcom in the 2nd quarter valued at $1,571,438,000. Massachusetts Financial Services Co. MA boosted its holdings in Broadcom by 115.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock worth $1,658,680,000 after purchasing an additional 3,224,739 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after purchasing an additional 2,978,768 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 4.6%

AVGO stock opened at $345.75 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The company has a 50-day moving average of $333.68 and a two-hundred day moving average of $343.89. The stock has a market capitalization of $1.64 trillion, a price-to-earnings ratio of 67.53, a price-to-earnings-growth ratio of 0.77 and a beta of 1.22.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. During the same period in the previous year, the company posted $1.60 earnings per share. The firm’s revenue for the quarter was up 29.5% on a year-over-year basis. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, March 23rd. Broadcom’s payout ratio is currently 50.78%.

Analysts Set New Price Targets

Several equities analysts have weighed in on AVGO shares. Wells Fargo & Company upgraded Broadcom from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Morgan Stanley upped their price target on Broadcom from $462.00 to $470.00 and gave the stock an “overweight” rating in a research note on Friday. Weiss Ratings reissued a “buy (b)” rating on shares of Broadcom in a report on Monday, December 29th. TD Cowen reissued a “buy” rating on shares of Broadcom in a research note on Friday, December 12th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $475.00 target price (up from $400.00) on shares of Broadcom in a report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $435.30.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 30,000 shares of the firm’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total value of $10,434,600.00. Following the sale, the chief financial officer owned 277,237 shares in the company, valued at approximately $96,428,573.34. This trade represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 38,281 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the transaction, the insider directly owned 266,494 shares in the company, valued at $87,316,759.10. This trade represents a 12.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 458,785 shares of company stock valued at $155,508,157 in the last three months. Company insiders own 1.90% of the company’s stock.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.