Cornerstone Investment Partners LLC Sells 12,456 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Investment Partners LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 93,202 shares of the semiconductor manufacturer’s stock after selling 12,456 shares during the quarter. Broadcom comprises about 5.9% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its biggest holding. Cornerstone Investment Partners LLC’s holdings in Broadcom were worth $104,037,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BetterWealth LLC lifted its position in shares of Broadcom by 1.5% during the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock worth $672,000 after purchasing an additional 9 shares in the last quarter. Rise Advisors LLC lifted its holdings in Broadcom by 33.3% in the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock valued at $44,000 after buying an additional 10 shares during the period. CX Institutional lifted its holdings in Broadcom by 0.8% in the fourth quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock valued at $1,439,000 after buying an additional 10 shares during the period. Cascade Investment Group Inc. lifted its holdings in Broadcom by 1.7% in the fourth quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock valued at $680,000 after buying an additional 10 shares during the period. Finally, Sabal Trust CO increased its stake in Broadcom by 1.6% in the fourth quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock valued at $714,000 after purchasing an additional 10 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock worth $40,306,667 over the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Broadcom stock traded down $34.65 during mid-day trading on Friday, reaching $1,224.34. The company had a trading volume of 1,253,841 shares, compared to its average volume of 2,923,538. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The company has a market cap of $567.38 billion, a P/E ratio of 45.98, a P/E/G ratio of 2.62 and a beta of 1.25. The business has a fifty day simple moving average of $1,306.69 and a 200 day simple moving average of $1,116.18.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. Broadcom’s revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.83 earnings per share. On average, equities research analysts predict that Broadcom Inc. will post 35.88 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.72%. Broadcom’s payout ratio is 77.84%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Evercore ISI initiated coverage on shares of Broadcom in a research report on Tuesday. They set an “outperform” rating and a $1,620.00 price objective for the company. Susquehanna increased their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,285.41.

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.