Broadcom Inc. $AVGO is Cullen Capital Management LLC’s 8th Largest Position

Cullen Capital Management LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 837,455 shares of the semiconductor manufacturer’s stock after selling 12,439 shares during the quarter. Broadcom accounts for approximately 2.6% of Cullen Capital Management LLC’s portfolio, making the stock its 8th largest holding. Cullen Capital Management LLC’s holdings in Broadcom were worth $230,845,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after buying an additional 756 shares during the last quarter. United Bank grew its holdings in shares of Broadcom by 76.5% in the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock valued at $392,000 after acquiring an additional 1,014 shares in the last quarter. Brooklyn Investment Group increased its position in shares of Broadcom by 26.3% during the first quarter. Brooklyn Investment Group now owns 36,598 shares of the semiconductor manufacturer’s stock valued at $6,128,000 after acquiring an additional 7,627 shares during the last quarter. Finally, Granite Harbor Advisors Inc. lifted its holdings in Broadcom by 53.7% during the first quarter. Granite Harbor Advisors Inc. now owns 4,657 shares of the semiconductor manufacturer’s stock worth $780,000 after acquiring an additional 1,628 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $339.81 on Tuesday. The firm has a market capitalization of $1.60 trillion, a PE ratio of 71.39, a P/E/G ratio of 1.22 and a beta of 1.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The company has a 50-day moving average price of $363.26 and a two-hundred day moving average price of $319.19. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the company posted $1.42 EPS. Broadcom’s revenue was up 28.2% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Robert W. Baird set a $420.00 price objective on Broadcom in a research note on Friday. Piper Sandler restated an “overweight” rating and set a $430.00 price target (up previously from $375.00) on shares of Broadcom in a research report on Friday. Cowen restated a “buy” rating on shares of Broadcom in a report on Friday. Rosenblatt Securities boosted their target price on shares of Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Finally, KeyCorp restated an “overweight” rating and set a $500.00 price target (up previously from $460.00) on shares of Broadcom in a research note on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $435.96.

Insider Activity at Broadcom

In other news, CFO Kirsten M. Spears sold 7,498 shares of the company’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the sale, the chief financial officer directly owned 313,330 shares in the company, valued at $108,932,307.80. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $331.14, for a total transaction of $264,912.00. Following the completion of the sale, the director directly owned 21,382 shares in the company, valued at approximately $7,080,435.48. The trade was a 3.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 818,662 shares of company stock worth $297,135,938 in the last 90 days. 2.00% of the stock is owned by company insiders.

About Broadcom

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.