Cullen Capital Management LLC Decreases Stock Holdings in Broadcom Inc. $AVGO

Cullen Capital Management LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 837,455 shares of the semiconductor manufacturer’s stock after selling 12,439 shares during the period. 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 quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Redwood Financial Network Corp boosted its position in shares of Broadcom by 1.7% during the 2nd quarter. Redwood Financial Network Corp now owns 1,939 shares of the semiconductor manufacturer’s stock valued at $535,000 after acquiring an additional 33 shares during the last quarter. Sawyer & Company Inc raised its stake in Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 36 shares in the last quarter. PFS Partners LLC lifted its position in Broadcom by 38.4% during the second quarter. PFS Partners LLC now owns 137 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 38 shares during the last quarter. Costello Asset Management INC grew its stake in Broadcom by 1.5% in the 2nd quarter. Costello Asset Management INC now owns 2,528 shares of the semiconductor manufacturer’s stock worth $697,000 after buying an additional 38 shares in the last quarter. Finally, Walkner Condon Financial Advisors LLC increased its holdings in shares of Broadcom by 1.0% in the 2nd quarter. Walkner Condon Financial Advisors LLC now owns 3,944 shares of the semiconductor manufacturer’s stock worth $1,087,000 after buying an additional 38 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Rosenblatt Securities lifted their price objective on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Mizuho raised their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company upped their price objective on Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a report on Friday, September 5th. Morgan Stanley increased their price objective on Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Susquehanna restated a “positive” rating and issued a $450.00 target price (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Buy” and an average target price of $435.96.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $331.14, for a total value of $264,912.00. Following the sale, the director directly owned 21,382 shares of the company’s stock, valued at $7,080,435.48. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 320,316 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $400.53, for a total value of $128,296,167.48. Following the transaction, the director owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. This represents a 0.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 818,662 shares of company stock worth $297,135,938. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Down 5.6%

NASDAQ AVGO opened at $339.81 on Tuesday. The firm has a market cap of $1.60 trillion, a PE ratio of 71.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The stock has a 50-day moving average of $363.26 and a 200-day moving average of $319.19. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion for 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 quarterly revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.42 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is currently 54.62%.

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.