Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Webster Bank N. A.

Webster Bank N. A. reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.7% during the first quarter, Holdings Channel reports. The firm owned 10,759 shares of the semiconductor manufacturer’s stock after selling 190 shares during the period. Webster Bank N. A.’s holdings in Broadcom were worth $1,801,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC raised its holdings in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank bought a new stake in shares of Broadcom in the 4th quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp raised its holdings in shares of Broadcom by 12.0% in the 4th 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 currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on AVGO shares. Susquehanna boosted their target price on shares of Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a report on Thursday. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. KeyCorp boosted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial boosted their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $236.27.

Broadcom Stock Up 1.1%

Broadcom stock opened at $241.97 on Friday. The firm has a market cap of $1.14 trillion, a PE ratio of 197.37, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm’s 50 day moving average price is $194.36 and its two-hundred day moving average price is $202.79. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88.

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

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 0.98%. Broadcom’s dividend payout ratio is presently 113.46%.

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.