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Linscomb Wealth Inc. Sells 5,675 Shares of Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Linscomb Wealth Inc. reduced its holdings in Broadcom Inc. by 3.5%, selling 5,675 shares, and now owns 158,019 shares valued at approximately $26.5 million.
  • Broadcom recently reported $15 billion in revenue for the quarter, surpassing estimates, with a net margin of 22.64% and expected earnings per share of 5.38 for the current year.
  • Insiders have sold a total of 830,516 shares of Broadcom stock, representing a decrease in their ownership, as institutional investors hold 76.43% of the company's stock.
  • Want stock alerts on Broadcom? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Linscomb Wealth Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 158,019 shares of the semiconductor manufacturer's stock after selling 5,675 shares during the period. Broadcom comprises about 1.3% of Linscomb Wealth Inc.'s holdings, making the stock its 13th largest holding. Linscomb Wealth Inc.'s holdings in Broadcom were worth $26,457,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $25,000. Cheviot Value Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $30,000. Institutional investors own 76.43% of the company's stock.

Insider Activity

In other news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AVGO has been the subject of a number of research analyst reports. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Oppenheimer raised their price objective on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Finally, Morgan Stanley set a $338.00 price objective on Broadcom and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Broadcom has a consensus rating of "Buy" and a consensus target price of $294.92.

View Our Latest Research Report on Broadcom

Broadcom Trading Down 1.6%

AVGO stock traded down $4.85 during midday trading on Wednesday, reaching $307.98. 7,217,627 shares of the company traded hands, compared to its average volume of 26,256,646. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $317.35. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The business has a 50 day moving average of $275.10 and a 200-day moving average of $227.64. The firm has a market capitalization of $1.45 trillion, a price-to-earnings ratio of 115.46, a P/E/G ratio of 2.16 and a beta of 1.15.

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

Broadcom Announces Dividend

The firm also recently announced 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 of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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