Cannon Advisors Inc. Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Cannon Advisors Inc. cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,582 shares of the semiconductor manufacturer’s stock after selling 114 shares during the quarter. Cannon Advisors Inc.’s holdings in Broadcom were worth $830,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. State Street Corp lifted its holdings in Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after acquiring an additional 166,844,263 shares during the period. Geode Capital Management LLC boosted its position in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. Norges Bank bought a new position in Broadcom in the 4th quarter valued at $16,893,010,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Broadcom by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 32,808,362 shares of the semiconductor manufacturer’s stock valued at $7,606,291,000 after purchasing an additional 810,907 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

Broadcom stock opened at $167.43 on Tuesday. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The firm’s fifty day moving average price is $208.08 and its 200-day moving average price is $196.54. The stock has a market cap of $787.25 billion, a P/E ratio of 136.57, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.41%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 785,976 shares of company stock worth $147,912,102. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Susquehanna lifted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. KeyCorp increased their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Finally, Morgan Stanley raised their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three equities research 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, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

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.