Cullen Frost Bankers Inc. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 528,843 shares of the semiconductor manufacturer's stock after purchasing an additional 5,821 shares during the period. Broadcom makes up approximately 1.2% of Cullen Frost Bankers Inc.'s holdings, making the stock its 22nd largest position. Cullen Frost Bankers Inc.'s holdings in Broadcom were worth $88,544,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in AVGO. Vanguard Group Inc. lifted its position in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC lifted its stake in shares of Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp boosted its holdings in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.
Analyst Ratings Changes
AVGO has been the topic of several recent research reports. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Oppenheimer increased their price objective on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research note on Tuesday. Bank of America boosted their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Benchmark raised their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Morgan Stanley boosted their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $292.08.
Read Our Latest Stock Report on AVGO
Insider Buying and Selling at Broadcom
In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.
Broadcom Price Performance
Shares of Broadcom stock traded up $5.65 during trading on Thursday, reaching $286.46. The company's stock had a trading volume of 12,523,793 shares, compared to its average volume of 27,949,079. The business has a 50 day moving average price of $251.34 and a 200-day moving average price of $219.63. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $288.21. The company has a market capitalization of $1.35 trillion, a P/E ratio of 107.33, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 EPS. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.82%. Broadcom's payout ratio is 88.39%.
Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.
About Broadcom
(
Free Report)
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.
Featured Articles
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
