Cornerstone Select Advisors LLC Has $4.80 Million Stake in Broadcom Inc. $AVGO

Key Points

• Cornerstone Select Advisors LLC reduced its stake in Broadcom Inc. by 2.9%, now holding approximately $4.80 million worth of shares, making it their biggest holding.
• Broadcom's stock recently traded at $306.34 with a market capitalization of $1.44 trillion, reflecting a strong financial performance and analyst optimism.
• CEO Hock E. Tan sold over 117,000 shares at around $252.91 per share, reducing his ownership by about 10.4%.

Cornerstone Select Advisors LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 28,662 shares of the semiconductor manufacturer's stock after selling 862 shares during the period. Broadcom accounts for about 4.5% of Cornerstone Select Advisors LLC's investment portfolio, making the stock its biggest holding. Cornerstone Select Advisors LLC's holdings in Broadcom were worth $4,799,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of AVGO. True Wealth Design LLC boosted its stake in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares during the last quarter. Fulton Breakefield Broenniman LLC boosted its stake in Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after buying an additional 50 shares during the last quarter. American Financial Advisors LLC boosted its stake in Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after buying an additional 52 shares during the last quarter. GS Investments Inc. boosted its stake in Broadcom by 0.5% during the first quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock valued at $1,908,000 after buying an additional 52 shares during the last quarter. Finally, FCA Corp TX boosted its stake in Broadcom by 0.5% during the first quarter. FCA Corp TX now owns 10,846 shares of the semiconductor manufacturer's stock valued at $1,816,000 after buying an additional 54 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $306.34 on Monday. The company's 50-day moving average is $278.27 and its 200 day moving average is $229.89. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The company has a market capitalization of $1.44 trillion, a P/E ratio of 114.73, a price-to-earnings-growth ratio of 2.18 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 (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm posted $10.96 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Citigroup increased their price target on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Rosenblatt Securities increased their price target on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. upped their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Oppenheimer upped their price objective on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $295.96.

Insider Activity

In other news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock worth $217,286,457. Company insiders own 2.00% of the company's stock.

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.

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