Cornerstone Advisors LLC Sells 900 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Advisors LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 4.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 17,800 shares of the semiconductor manufacturer’s stock after selling 900 shares during the period. Broadcom makes up about 0.9% of Cornerstone Advisors LLC’s holdings, making the stock its 24th largest holding. Cornerstone Advisors LLC’s holdings in Broadcom were worth $19,869,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AVGO. Stuart Chaussee & Associates Inc. bought a new position in shares of Broadcom during the 4th quarter worth approximately $25,000. PSI Advisors LLC lifted its holdings in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 10 shares in the last quarter. BKM Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $29,000. CKW Financial Group acquired a new position in shares of Broadcom in the fourth quarter valued at about $30,000. Finally, Bfsg LLC bought a new position in Broadcom during the fourth quarter worth about $35,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the topic of several analyst reports. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Benchmark restated a “buy” rating and set a $1,720.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. UBS Group lifted their target price on Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Cantor Fitzgerald increased their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Finally, TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and raised their price target for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,296.91.

Read Our Latest Analysis on AVGO

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the transaction, the insider now directly owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Down 1.2 %

Shares of AVGO stock traded down $16.84 during trading hours on Friday, hitting $1,395.29. 1,817,367 shares of the company were exchanged, compared to its average volume of 2,287,940. The company has a 50 day simple moving average of $1,311.32 and a two-hundred day simple moving average of $1,186.84. The firm has a market cap of $646.61 billion, a P/E ratio of 51.72, a P/E/G ratio of 2.83 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a fifty-two week low of $656.00 and a fifty-two week high of $1,445.40.

Broadcom (NASDAQ:AVGOGet Free Report) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same period last year, the business posted $9.83 EPS. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 36.06 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.51%. Broadcom’s payout ratio is 77.84%.

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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