Cincinnati Insurance Co. Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Cincinnati Insurance Co. trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 59.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 342,500 shares of the semiconductor manufacturer’s stock after selling 502,479 shares during the period. Broadcom accounts for 1.4% of Cincinnati Insurance Co.’s holdings, making the stock its 29th biggest position. Cincinnati Insurance Co.’s holdings in Broadcom were worth $79,405,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Howard Capital Management Group LLC grew its holdings in shares of Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after buying an additional 2,908 shares in the last quarter. Principal Financial Group Inc. grew its stake in Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after acquiring an additional 6,540,800 shares in the last quarter. Quest Partners LLC raised its holdings in Broadcom by 3,295.8% in the 3rd quarter. Quest Partners LLC now owns 815 shares of the semiconductor manufacturer’s stock valued at $141,000 after acquiring an additional 791 shares during the last quarter. Wiser Advisor Group LLC boosted its holdings in shares of Broadcom by 1,665.7% during the 3rd quarter. Wiser Advisor Group LLC now owns 618 shares of the semiconductor manufacturer’s stock worth $107,000 after purchasing an additional 583 shares during the last quarter. Finally, Acorn Wealth Advisors LLC increased its holdings in shares of Broadcom by 1,244.8% in the third quarter. Acorn Wealth Advisors LLC now owns 2,219 shares of the semiconductor manufacturer’s stock valued at $383,000 after purchasing an additional 2,054 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Down 4.1 %

AVGO opened at $171.99 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The business’s 50 day moving average is $210.84 and its two-hundred day moving average is $195.72. The firm has a market cap of $808.69 billion, a price-to-earnings ratio of 140.29, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.37%. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AVGO. Piper Sandler upped their target price on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Citigroup upped their price objective on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Insider Buying and Selling

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 stock was sold at an average price of $231.98, for a total value of $9,279,200.00. Following the transaction, the insider now owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,000 shares of company stock worth $27,334,060 in the last 90 days. Company insiders own 2.00% of the company’s stock.

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.