Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Cornerstone Advisors LLC

Key Points

• Cornerstone Advisors LLC increased its holdings in Broadcom Inc. by 2.6%, now owning 172,400 shares valued at approximately $28.9 million.
• Broadcom recently announced a quarterly dividend of $0.59 per share, resulting in an annualized yield of 0.8% and a payout ratio of 88.39%.
• The stock has shown strong performance with a 20.2% year-over-year revenue growth, reporting earnings of $1.58 per share against a consensus estimate of $1.57.

Cornerstone Advisors LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 172,400 shares of the semiconductor manufacturer's stock after acquiring an additional 4,300 shares during the period. Broadcom accounts for approximately 1.2% of Cornerstone Advisors LLC's portfolio, making the stock its 15th biggest holding. Cornerstone Advisors LLC's holdings in Broadcom were worth $28,865,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. GAMMA Investing LLC lifted its position in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the period. Northern Trust Corp lifted its position in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares during the period. Goldman Sachs Group Inc. lifted its position in Broadcom by 16.7% during the first quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock worth $5,333,384,000 after buying an additional 4,550,647 shares during the period. Finally, APG Asset Management N.V. lifted its position in Broadcom by 609.4% during the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock worth $980,500,000 after buying an additional 3,762,034 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 0.7%

Shares of NASDAQ:AVGO traded up $2.09 during mid-day trading on Thursday, hitting $303.76. 16,280,889 shares of the company traded hands, compared to its average volume of 17,130,764. The firm has a market cap of $1.43 trillion, a P/E ratio of 113.77, a PEG ratio of 2.15 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $310.34. The firm's 50 day simple moving average is $271.57 and its 200 day simple moving average is $226.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's payout ratio is currently 88.39%.

Insider Activity at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 over the last ninety days. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Susquehanna increased their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Morgan Stanley set a $338.00 price objective on Broadcom and gave the stock an "overweight" rating in a report on Wednesday, July 30th. The Goldman Sachs Group began coverage on Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 price objective on the stock. Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Finally, Benchmark raised their price objective on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $294.92.

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.