Cantillon Capital Management LLC Sells 781,041 Shares of Broadcom Inc. $AVGO

Cantillon Capital Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 14.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,699,739 shares of the semiconductor manufacturer’s stock after selling 781,041 shares during the period. Broadcom comprises about 8.5% of Cantillon Capital Management LLC’s holdings, making the stock its largest position. Cantillon Capital Management LLC owned approximately 0.10% of Broadcom worth $1,550,491,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Myriad Asset Management US LP acquired a new stake in shares of Broadcom in the 3rd quarter worth about $4,187,000. Grandfield & Dodd LLC boosted its stake in Broadcom by 5.9% during the 3rd quarter. Grandfield & Dodd LLC now owns 1,890 shares of the semiconductor manufacturer’s stock valued at $624,000 after purchasing an additional 105 shares during the last quarter. Kingdom Financial Group LLC. increased its holdings in Broadcom by 151.6% during the 3rd quarter. Kingdom Financial Group LLC. now owns 3,737 shares of the semiconductor manufacturer’s stock worth $1,233,000 after purchasing an additional 2,252 shares in the last quarter. Northstar Asset Management Inc. purchased a new stake in shares of Broadcom in the third quarter worth approximately $278,000. Finally, Flagship Wealth Advisors LLC lifted its holdings in shares of Broadcom by 66.4% in the third quarter. Flagship Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $82,000 after purchasing an additional 99 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Barclays reiterated an “overweight” rating and set a $500.00 price target (up previously from $450.00) on shares of Broadcom in a report on Friday, December 12th. Benchmark upped their target price on shares of Broadcom from $385.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Susquehanna reissued a “positive” rating and set a $450.00 price target (up from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Royal Bank Of Canada began coverage on shares of Broadcom in a research report on Wednesday, January 14th. They issued a “sector perform” rating and a $370.00 price objective for the company. Finally, Bank of America increased their price objective on shares of Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $438.61.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This represents a 9.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 1,928 shares of Broadcom stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the completion of the sale, the insider directly owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This trade represents a 7.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 779,901 shares of company stock valued at $284,069,237. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $333.24 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The firm has a market cap of $1.58 trillion, a price-to-earnings ratio of 70.01, a P/E/G ratio of 1.10 and a beta of 1.21. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The firm’s 50-day simple moving average is $356.26 and its two-hundred day simple moving average is $336.89.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a $0.65 dividend. The ex-dividend date was Monday, December 22nd. This is a boost from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s dividend payout ratio is presently 54.62%.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.