Cornerstone Planning Group LLC Purchases 996 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Planning Group LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 83.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,189 shares of the semiconductor manufacturer's stock after purchasing an additional 996 shares during the quarter. Cornerstone Planning Group LLC's holdings in Broadcom were worth $387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the fourth quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC boosted its holdings in shares of Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 854,716 shares of company stock valued at $221,433,761. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.9%

AVGO traded down $2.50 during trading on Thursday, reaching $275.40. The stock had a trading volume of 17,848,136 shares, compared to its average volume of 28,277,906. The stock's 50 day moving average is $245.29 and its two-hundred day moving average is $218.63. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.42. The company has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.15, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly 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 analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.96 EPS. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has authorized a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid 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 0.86%. Broadcom's dividend payout ratio is 88.39%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Citigroup boosted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $290.21.

Broadcom Company Profile

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.