Cullen Capital Management LLC Sells 287,726 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cullen Capital Management LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 24.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 908,460 shares of the semiconductor manufacturer’s stock after selling 287,726 shares during the quarter. Broadcom makes up 2.4% of Cullen Capital Management LLC’s holdings, making the stock its 12th largest holding. Cullen Capital Management LLC’s holdings in Broadcom were worth $210,617,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Resona Asset Management Co. Ltd. bought a new position in shares of Broadcom in the fourth quarter worth about $306,526,000. Pioneer Trust Bank N A OR grew its stake in Broadcom by 21.6% in the 4th quarter. Pioneer Trust Bank N A OR now owns 1,982 shares of the semiconductor manufacturer’s stock worth $460,000 after acquiring an additional 352 shares in the last quarter. First Western Trust Bank increased its position in shares of Broadcom by 2.0% during the fourth quarter. First Western Trust Bank now owns 3,290 shares of the semiconductor manufacturer’s stock worth $763,000 after acquiring an additional 63 shares during the period. Landscape Capital Management L.L.C. bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $727,000. Finally, PAX Financial Group LLC boosted its holdings in shares of Broadcom by 111.9% in the fourth quarter. PAX Financial Group LLC now owns 10,847 shares of the semiconductor manufacturer’s stock valued at $2,515,000 after purchasing an additional 5,727 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Robert W. Baird raised their price target on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. TD Cowen upped their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Mizuho cut their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $231.48.

Insider Buying and Selling

In other news, Director Check Kian Low sold 48,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 745,976 shares of company stock worth $138,632,902. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 5.0 %

Broadcom stock opened at $146.29 on Friday. The business’s 50-day simple moving average is $201.57 and its two-hundred day simple moving average is $195.95. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market cap of $687.85 billion, a PE ratio of 119.32, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.61%. Broadcom’s dividend payout ratio is currently 113.46%.

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.