Broadcom Inc. (NASDAQ:AVGO) Position Cut by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 465,285 shares of the semiconductor manufacturer's stock after selling 63,427 shares during the quarter. Broadcom comprises about 3.8% of Cornerstone Investment Partners LLC's holdings, making the stock its 7th largest position. Cornerstone Investment Partners LLC's holdings in Broadcom were worth $77,903,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in AVGO. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter valued at approximately $30,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth approximately $25,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth approximately $26,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Susquehanna increased their price target on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $290.21.

Broadcom Trading Down 0.4%

Shares of Broadcom stock traded down $1.02 on Friday, hitting $274.38. 14,264,387 shares of the company traded hands, compared to its average volume of 28,121,225. The company has a market cap of $1.29 trillion, a PE ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $281.18. 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 stock's 50 day moving average price is $246.70 and its 200-day moving average price is $218.54.

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

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was 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 owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 829,716 shares of company stock valued at $216,933,761. 2.00% of the stock is owned by corporate insiders.

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.