Cornerstone Wealth Management LLC Buys 1,569 Shares of Broadcom Inc. $AVGO

Key Points

• Cornerstone Wealth Management LLC increased its Broadcom stake by 9.2% in the fourth quarter, adding 1,569 shares to bring its total holdings to 18,570 shares worth about $6.43 million.
• Institutional ownership remains very high, with investors holding about 76.43% of Broadcom’s shares, and several other firms also recently boosted their positions.
• Broadcom continues to draw bullish analyst support despite some recent stock weakness, with the company reporting solid quarterly results and multiple firms maintaining or raising price targets on AVGO.

Cornerstone Wealth Management LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 18,570 shares of the semiconductor manufacturer's stock after acquiring an additional 1,569 shares during the period. Cornerstone Wealth Management LLC's holdings in Broadcom were worth $6,427,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Providence First Trust Co grew its holdings in Broadcom by 1,099.3% during the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer's stock valued at $2,944,000 after buying an additional 8,179 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Broadcom by 3.4% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer's stock worth $109,492,000 after buying an additional 10,786 shares during the period. Lmcg Investments LLC boosted its stake in Broadcom by 9.4% during the third quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer's stock worth $12,854,000 after buying an additional 3,357 shares during the period. Wright Investors Service Inc. boosted its stake in Broadcom by 5.4% during the third quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer's stock worth $13,909,000 after buying an additional 2,178 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its stake in Broadcom by 10.7% during the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock worth $25,539,000 after buying an additional 7,499 shares during the period. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVGO. Evercore reissued an "outperform" rating and set a $582.00 target price on shares of Broadcom in a research note on Tuesday. Zacks Research upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 2nd. Weiss Ratings downgraded shares of Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Seaport Research Partners restated a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. Finally, TD Cowen restated a "buy" rating and set a $500.00 price objective (up from $405.00) on shares of Broadcom in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $448.10.

Broadcom Trading Down 2.3%

Shares of AVGO stock opened at $411.07 on Wednesday. The stock has a 50 day simple moving average of $368.97 and a 200-day simple moving average of $355.08. Broadcom Inc. has a 1-year low of $226.18 and a 1-year high of $442.36. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. The company has a market cap of $1.95 trillion, a price-to-earnings ratio of 80.29, a PEG ratio of 0.87 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same period in the prior year, the company earned $1.60 EPS. The firm's revenue was up 29.5% compared to the same quarter last year. On average, equities research analysts expect that Broadcom Inc. will post 9.97 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, March 23rd. Broadcom's dividend payout ratio is currently 50.78%.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 50,488 shares of the firm's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $16,236,940.80. Following the completion of the sale, the insider directly owned 278,141 shares of the company's stock, valued at $89,450,145.60. This trade represents a 15.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider S. Ram Velaga sold 8,000 shares of the firm's stock in a transaction on Friday, April 10th. The stock was sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the sale, the insider directly owned 57,932 shares of the company's stock, valued at $21,464,964.64. This trade represents a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by company insiders.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom renewed its long-running technology partnership with LSEG in a new five-year agreement centered on VMware Cloud Foundation, expanding Broadcom’s role in LSEG’s private cloud infrastructure and adding professional services revenue potential. LSEG renews Broadcom partnership to expand cloud infrastructure strategy (AVGO)
• Positive Sentiment: Wall Street remains bullish on AVGO, with recent analyst updates and price targets pointing to confidence in Broadcom’s AI-driven growth and leadership in semiconductor and infrastructure software. Wall Street sets Broadcom stock price target for next 12 months
• Neutral Sentiment: Recent coverage continues to highlight Broadcom as a major AI infrastructure beneficiary, with analysts favoring AVGO over some peers because of its strong AI revenue growth and broad demand trends. ALAB vs. AVGO: Which AI Infrastructure Stock Is the Better Buy Now?
• Neutral Sentiment: Broader market commentary and stock-search interest have kept AVGO in the spotlight, but these items do not point to a direct fundamental change. Investors Heavily Search Broadcom Inc. (AVGO): Here is What You Need to Know
• Negative Sentiment: AVGO had recently been trading lower at times, reflecting some profit-taking even as the longer-term story remains tied to AI and enterprise software growth. Broadcom Inc. (AVGO) Declines More Than Market: Some Information for Investors

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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