Cullen Frost Bankers Inc. Trims Stake in Broadcom Inc. $AVGO

Cullen Frost Bankers Inc. cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 520,519 shares of the semiconductor manufacturer’s stock after selling 4,750 shares during the period. Broadcom makes up about 2.0% of Cullen Frost Bankers Inc.’s portfolio, making the stock its 9th largest holding. Cullen Frost Bankers Inc.’s holdings in Broadcom were worth $171,725,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom in the second quarter worth about $27,000. Teachers Insurance & Annuity Association of America acquired a new position in shares of Broadcom in the 2nd quarter valued at about $28,000. LGT Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter worth $31,000. New England Capital Financial Advisors LLC bought a new position in Broadcom during the second quarter valued at approximately $31,000. Finally, JCIC Asset Management Inc. acquired a new stake in shares of Broadcom in the third quarter worth about $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AVGO. TD Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Robert W. Baird set a $420.00 target price on shares of Broadcom in a research note on Friday, December 12th. JPMorgan Chase & Co. boosted their price target on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. KeyCorp reiterated an “overweight” rating and issued a $500.00 price objective (up previously from $460.00) on shares of Broadcom in a research report on Friday, December 12th. Finally, Oppenheimer lifted their price objective on Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $437.28.

Broadcom Trading Up 0.2%

AVGO opened at $331.30 on Friday. The stock has a market capitalization of $1.57 trillion, a PE ratio of 69.60, a PEG ratio of 1.10 and a beta of 1.21. 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 firm has a 50-day moving average price of $355.76 and a two-hundred day moving average price of $337.24. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61.

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

Broadcom Increases Dividend

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

Insider Activity

In related news, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total value of $42,382,600.00. Following the sale, the chief executive officer owned 595,638 shares of the company’s stock, valued at approximately $194,189,900.76. This trade represents a 17.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 320,316 shares of Broadcom stock in a transaction on Monday, December 8th. The shares were sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the sale, the director owned 37,326,540 shares in the company, valued at $14,950,399,066.20. The trade was a 0.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 779,901 shares of company stock worth $284,069,237 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

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.