WMG Financial Advisors LLC Sells 299 Shares of Broadcom Inc. (NASDAQ:AVGO)

WMG Financial Advisors LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,121 shares of the semiconductor manufacturer’s stock after selling 299 shares during the quarter. WMG Financial Advisors LLC’s holdings in Broadcom were worth $1,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC raised its holdings in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC raised its holdings in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in Broadcom by 27.4% in the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer’s stock worth $6,236,011,000 after acquiring an additional 5,783,988 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the transaction, the director owned 24,582 shares in the company, valued at $6,742,842.60. This trade represents a 3.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares of the company’s stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Morgan Stanley lifted their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Finally, Hsbc Global Res raised shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $292.08.

Broadcom Price Performance

Shares of NASDAQ AVGO traded down $7.33 during mid-day trading on Tuesday, reaching $280.88. The company’s stock had a trading volume of 6,695,852 shares, compared to its average volume of 27,696,342. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market capitalization of $1.32 trillion, a PE ratio of 105.10, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $290.54. The stock has a fifty day moving average of $254.41 and a two-hundred day moving average of $220.17.

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

Broadcom declared that its board has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued 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 0.84%. Broadcom’s dividend payout ratio is presently 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.