Broadcom Inc. $AVGO Position Decreased by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 520,519 shares of the semiconductor manufacturer’s stock after selling 4,750 shares during the quarter. Broadcom makes up 2.0% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 9th largest position. Cullen Frost Bankers Inc.’s holdings in Broadcom were worth $171,725,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its position 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 valued at $1,854,000 after buying an additional 756 shares during the last quarter. United Bank raised its stake in Broadcom by 76.5% during the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after acquiring an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC lifted its position in Broadcom by 10.1% in the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer’s stock valued at $3,499,000 after acquiring an additional 1,160 shares during the last quarter. Finally, Capital Insight Partners LLC boosted its stake in Broadcom by 145.7% in the second quarter. Capital Insight Partners LLC now owns 15,524 shares of the semiconductor manufacturer’s stock valued at $4,279,000 after acquiring an additional 9,205 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AVGO shares. Bank of America boosted their target price on Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a report on Friday, December 12th. Robert W. Baird set a $420.00 price objective on Broadcom in a research note on Friday, December 12th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Benchmark lifted their target price on shares of Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $437.28.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 30,000 shares of the business’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer directly owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. The trade was a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 70,000 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the completion of the transaction, the chief executive officer owned 132,836 shares in the company, valued at $46,133,942.80. This represents a 34.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 0.2%

Shares of Broadcom stock opened at $331.30 on Friday. The company has a 50-day moving average of $355.76 and a two-hundred day moving average of $337.24. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.57 trillion, a PE ratio of 69.60, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last announced its quarterly 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 business had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter last year, the business posted $1.42 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

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

Broadcom 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.