WFA Asset Management Corp Sells 1,908 Shares of Broadcom Inc. (NASDAQ:AVGO)

WFA Asset Management Corp reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 90.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 212 shares of the semiconductor manufacturer's stock after selling 1,908 shares during the period. WFA Asset Management Corp's holdings in Broadcom were worth $35,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC increased its holdings in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC increased its holdings in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank bought a new position in Broadcom in the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp boosted its stake in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday. Susquehanna boosted their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday. Mizuho increased their price target on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday. Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a research report on Friday. Finally, Citigroup reissued a "buy" rating and issued a $276.00 target price (up from $210.00) on shares of Broadcom in a research note on Tuesday, June 3rd. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $270.25.

Broadcom Price Performance

AVGO opened at $246.95 on Monday. The stock has a market cap of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a fifty day simple moving average of $203.73 and a 200 day simple moving average of $206.81.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results 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 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the firm earned $10.96 earnings per share. The company's revenue was up 20.2% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has approved a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom's dividend payout ratio is presently 88.39%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.