Pinkerton Wealth LLC Trims Position in Broadcom Inc. $AVGO

Pinkerton Wealth LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 14.9% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 29,529 shares of the semiconductor manufacturer’s stock after selling 5,189 shares during the period. Broadcom accounts for approximately 1.0% of Pinkerton Wealth LLC’s portfolio, making the stock its 20th largest position. Pinkerton Wealth LLC’s holdings in Broadcom were worth $10,220,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Miller Global Investments LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $31,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Broadcom in the fourth quarter valued at about $33,000. Family CFO Inc purchased a new stake in shares of Broadcom in the fourth quarter valued at about $35,000. PayPay Securities Corp raised its holdings in shares of Broadcom by 88.9% in the fourth quarter. PayPay Securities Corp now owns 119 shares of the semiconductor manufacturer’s stock valued at $41,000 after buying an additional 56 shares during the last quarter. Finally, Camelot Portfolios LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $45,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO stock opened at $414.14 on Tuesday. Broadcom Inc. has a one year low of $226.18 and a one year high of $442.36. The stock has a market capitalization of $1.96 trillion, a PE ratio of 80.89, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. The company has a fifty day moving average of $374.86 and a 200-day moving average of $356.49.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping the consensus estimate of $2.03 by $0.02. The company had revenue of $19.31 billion during the quarter, compared to analysts’ expectations of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The business’s revenue was up 29.5% on a year-over-year basis. During the same quarter last year, the business earned $1.60 EPS. As a group, analysts expect that Broadcom Inc. will post 9.91 EPS for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, March 23rd. Broadcom’s dividend payout ratio (DPR) is currently 50.78%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AVGO. Citigroup reaffirmed a “buy” rating and issued a $500.00 target price (up from $475.00) on shares of Broadcom in a report on Tuesday, May 12th. Seaport Research Partners restated a “neutral” rating on shares of Broadcom in a research note on Wednesday, April 8th. DA Davidson upgraded shares of Broadcom to a “hold” rating in a research note on Friday, February 13th. Wolfe Research upgraded shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 target price for the company in a research note on Friday, January 30th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $545.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $448.10.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 39,116 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.61, for a total value of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares in the company, valued at $24,000,467.86. This trade represents a 34.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider S. Ram Velaga sold 38,841 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $12,491,265.60. Following the completion of the transaction, the insider owned 96,147 shares of the company’s stock, valued at $30,920,875.20. This represents a 28.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is owned by company insiders.

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.