Cornerstone Wealth Group LLC Has $14.49 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Wealth Group LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,562 shares of the semiconductor manufacturer's stock after selling 6,780 shares during the period. Broadcom comprises 1.2% of Cornerstone Wealth Group LLC's portfolio, making the stock its 16th largest holding. Cornerstone Wealth Group LLC's holdings in Broadcom were worth $14,493,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Geode Capital Management LLC raised its holdings in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares in the last quarter. FMR LLC boosted its position in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new position in Broadcom in the fourth quarter valued at about $16,893,010,000. Finally, Northern Trust Corp grew its position in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider now owns 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 301,468 shares of company stock worth $74,670,250 over the last 90 days. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

NASDAQ AVGO traded up $5.52 on Thursday, hitting $270.17. 23,540,196 shares of the company were exchanged, compared to its average volume of 29,153,648. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $271.62. The firm has a 50 day moving average of $225.48 and a two-hundred day moving average of $213.98. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.27 trillion, a P/E ratio of 101.19, a P/E/G ratio of 1.88 and a beta of 1.11.

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

Broadcom declared that its board has authorized a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Susquehanna raised their target price on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, Mizuho boosted their target price on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $281.25.

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.