3,547 Shares in Broadcom Inc. $AVGO Purchased by LeConte Wealth Management LLC

Key Points

• LeConte Wealth Management LLC acquired a new stake in Broadcom Inc. by purchasing 3,547 shares, valued at approximately $594,000, making it the firm's 27th largest holding.
20.2% increase in quarterly revenue year-over-year, reaching $15 billion, along with earnings per share of $1.58, beating estimates.
• The company has a market capitalization of $1.44 trillion and currently has a consensus rating of “Buy” from analysts with an average target price of $295.96.

LeConte Wealth Management LLC purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,547 shares of the semiconductor manufacturer's stock, valued at approximately $594,000. Broadcom comprises about 0.4% of LeConte Wealth Management LLC's investment portfolio, making the stock its 27th biggest holding.

Other hedge funds have also modified their holdings of the company. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at approximately $30,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the first quarter valued at approximately $25,000. Cheviot Value Management LLC bought a new position in shares of Broadcom during the first quarter worth $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom during the first quarter worth $26,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Evercore ISI reissued an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Finally, Bank of America lifted their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $295.96.

Insider Activity at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,286,457 over the last ninety days. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.2%

AVGO stock traded down $0.58 during midday trading on Monday, hitting $305.76. The company's stock had a trading volume of 14,705,522 shares, compared to its average volume of 17,400,806. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The company's fifty day moving average price is $279.50 and its 200 day moving average price is $230.48. The stock has a market capitalization of $1.44 trillion, a P/E ratio of 114.52, a PEG ratio of 2.18 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $10.96 EPS. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's payout ratio is currently 88.39%.

Broadcom Company 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.