Cornerstone Planning Group LLC Has $387,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Planning Group LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 83.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the 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 SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. raised its position in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares during the last quarter. OMNI 360 Wealth Inc. raised its position in Broadcom by 51.6% in the first quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer's stock worth $499,000 after purchasing an additional 1,014 shares in the last quarter. Coppell Advisory Solutions LLC raised its position in Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after purchasing an additional 86,884 shares in the last quarter. Finally, Colonial Trust Co SC lifted its stake in Broadcom by 14.6% during the fourth quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock worth $2,338,000 after purchasing an additional 1,285 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 2.2%

Shares of NASDAQ AVGO traded up $6.10 during mid-day trading on Wednesday, hitting $277.90. The company's stock had a trading volume of 20,105,827 shares, compared to its average volume of 28,408,606. Broadcom Inc. has a one year low of $128.50 and a one year high of $279.37. The company's fifty day simple moving average is $242.02 and its 200-day simple moving average is $217.92. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market cap of $1.31 trillion, a price-to-earnings ratio of 104.08, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12.

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

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.85%. Broadcom's dividend payout ratio is presently 88.39%.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVGO. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. KeyCorp increased their price objective on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wells Fargo & Company increased their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Finally, Morgan Stanley boosted their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. One equities 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $285.00.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was 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 of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 in the last ninety days. 2.00% of the stock is currently owned by insiders.

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.