Cornerstone Wealth Management LLC Purchases 4,179 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Wealth Management LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 41.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,257 shares of the semiconductor manufacturer's stock after buying an additional 4,179 shares during the period. Cornerstone Wealth Management LLC's holdings in Broadcom were worth $2,387,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. SlateStone Wealth LLC lifted its stake in Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC grew its position in shares of 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 purchasing an additional 48 shares in the last quarter. Bfsg LLC increased its holdings in shares of Broadcom by 12.5% in the fourth quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer's stock worth $105,000 after purchasing an additional 50 shares during the last quarter. Global Strategic Investment Solutions LLC lifted its position in shares of Broadcom by 1.5% in the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock worth $782,000 after buying an additional 50 shares in the last quarter. Finally, Cascade Financial Partners LLC boosted its stake in Broadcom by 1.8% during the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock valued at $668,000 after buying an additional 50 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 0.8%

Shares of NASDAQ AVGO opened at $251.26 on Thursday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market cap of $1.18 trillion, a price-to-earnings ratio of 94.10, a PEG ratio of 1.77 and a beta of 1.11. The business's 50 day moving average price is $217.54 and its 200-day moving average price is $211.02.

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

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AVGO. Oppenheimer lifted their price objective on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Finally, UBS Group lifted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock worth $163,760,949 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Broadcom 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.

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