29,524 Shares in Broadcom Inc. (NASDAQ:AVGO) Purchased by Cornerstone Select Advisors LLC

Cornerstone Select Advisors LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 29,524 shares of the semiconductor manufacturer's stock, valued at approximately $6,845,000. Broadcom makes up 6.6% of Cornerstone Select Advisors LLC's investment portfolio, making the stock its biggest holding.

Several other hedge funds have also recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in shares of 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 worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Bangor Savings Bank boosted its holdings in shares of Broadcom by 3.1% in the 4th quarter. Bangor Savings Bank now owns 4,589 shares of the semiconductor manufacturer's stock valued at $1,064,000 after buying an additional 140 shares in the last quarter. Bank of New Hampshire grew its position in shares of Broadcom by 41.4% in the 4th quarter. Bank of New Hampshire now owns 820 shares of the semiconductor manufacturer's stock worth $190,000 after buying an additional 240 shares during the last quarter. Diversified Trust Co raised its stake in shares of Broadcom by 5.5% during the 4th quarter. Diversified Trust Co now owns 182,266 shares of the semiconductor manufacturer's stock worth $42,257,000 after acquiring an additional 9,571 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC lifted its position in Broadcom by 3.0% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock valued at $3,086,000 after acquiring an additional 386 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Broadcom stock opened at $200.09 on Wednesday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company's fifty day moving average price is $182.01 and its 200 day moving average price is $196.89. The stock has a market capitalization of $940.81 billion, a P/E ratio of 163.21, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVGO. KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Citigroup dropped their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Bank of America decreased their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Morgan Stanley boosted their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

About Broadcom

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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