Cullen Investment Group LTD. Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Cullen Investment Group LTD. lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,445 shares of the semiconductor manufacturer’s stock after selling 1,983 shares during the period. Broadcom makes up about 2.9% of Cullen Investment Group LTD.’s holdings, making the stock its 7th biggest position. Cullen Investment Group LTD.’s holdings in Broadcom were worth $19,346,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. NCP Inc. grew its stake in Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after buying an additional 400 shares in the last quarter. Brown Brothers Harriman & Co. grew its stake in Broadcom by 9.2% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 4,947 shares of the semiconductor manufacturer’s stock worth $7,943,000 after buying an additional 416 shares in the last quarter. One Capital Management LLC grew its stake in Broadcom by 331.2% in the 2nd quarter. One Capital Management LLC now owns 2,850 shares of the semiconductor manufacturer’s stock worth $4,576,000 after buying an additional 2,189 shares in the last quarter. WealthPLAN Partners LLC grew its stake in Broadcom by 12.4% in the 2nd quarter. WealthPLAN Partners LLC now owns 1,351 shares of the semiconductor manufacturer’s stock worth $2,169,000 after buying an additional 149 shares in the last quarter. Finally, Luts & Greenleigh Group Inc. purchased a new position in Broadcom in the 2nd quarter worth approximately $426,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the sale, the insider now directly owns 321,660 shares in the company, valued at $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the sale, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AVGO. Citigroup boosted their price objective on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Susquehanna boosted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Robert W. Baird boosted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Rosenblatt Securities restated a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Finally, Mizuho boosted their price objective on shares of Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $223.54.

Broadcom Stock Down 0.3 %

NASDAQ:AVGO opened at $224.70 on Wednesday. The firm has a market cap of $1.05 trillion, a P/E ratio of 195.22, a P/E/G ratio of 2.15 and a beta of 1.03. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a fifty-two week low of $109.02 and a fifty-two week high of $251.88. The firm has a 50-day simple moving average of $199.05 and a two-hundred day simple moving average of $176.63.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 51.2% compared to the same quarter last year. During the same period last year, the business earned $0.98 EPS. Analysts predict that Broadcom Inc. will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

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.