Cannell & Spears LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Cannell & Spears LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 36.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 205,541 shares of the semiconductor manufacturer’s stock after buying an additional 54,396 shares during the quarter. Broadcom comprises 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 filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom during the fourth quarter worth about $26,000. JDM Financial Group LLC increased its position in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares during the last quarter. Sellwood Investment Partners LLC acquired a new position in Broadcom in the 4th quarter valued at about $32,000. Finally, Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 785,976 shares of company stock worth $147,912,102. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 1.7 %

Shares of NASDAQ:AVGO opened at $169.12 on Monday. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The firm’s 50 day moving average price is $209.48 and its 200 day moving average price is $196.51. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.40%. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Wall Street Analyst Weigh In

AVGO has been the topic of several analyst reports. Barclays lifted their price target on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Citigroup lifted their target price on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Evercore ISI increased their price target on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Morgan Stanley boosted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.