Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Cannell & Spears LLC

Cannell & Spears LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 36.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 205,541 shares of the semiconductor manufacturer’s stock after acquiring an additional 54,396 shares during the quarter. Broadcom comprises about 1.0% of Cannell & Spears LLC’s holdings, making the stock its 28th largest position. Cannell & Spears LLC’s holdings in Broadcom were worth $47,653,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AVGO. Summit Financial LLC grew its position in Broadcom by 4.9% during the 4th quarter. Summit Financial LLC now owns 92,877 shares of the semiconductor manufacturer’s stock worth $21,538,000 after purchasing an additional 4,299 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Broadcom by 10.6% during the fourth quarter. Alliancebernstein L.P. now owns 25,435,904 shares of the semiconductor manufacturer’s stock worth $5,897,060,000 after buying an additional 2,430,793 shares during the last quarter. Meeder Asset Management Inc. increased its position in Broadcom by 432.0% in the 4th quarter. Meeder Asset Management Inc. now owns 65,175 shares of the semiconductor manufacturer’s stock valued at $15,110,000 after acquiring an additional 52,923 shares during the period. D L Carlson Investment Group Inc. purchased a new stake in Broadcom during the 4th quarter valued at approximately $263,000. Finally, Boxwood Ventures Inc. acquired a new stake in Broadcom during the 4th quarter worth approximately $2,337,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on AVGO. Evercore ISI upped their price target on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Susquehanna lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. JPMorgan Chase & Co. increased their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, Mizuho lowered their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Insider Buying and Selling at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now owns 113,050 shares in the company, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 785,976 shares of company stock worth $147,912,102. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $169.12 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market cap of $795.19 billion, a price-to-earnings ratio of 137.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The business has a fifty day moving average of $209.48 and a 200-day moving average of $196.51.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.40%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Broadcom Company Profile

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.