Cornerstone Wealth Group LLC Purchases 84,361 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Wealth Group LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 897.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 93,766 shares of the semiconductor manufacturer’s stock after buying an additional 84,361 shares during the period. Broadcom comprises 1.3% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 13th largest holding. Cornerstone Wealth Group LLC’s holdings in Broadcom were worth $16,175,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Castleview Partners LLC raised its position in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 134 shares during the last quarter. Delta Asset Management LLC TN grew its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares during the period. Tsfg LLC raised its holdings in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. Krane Funds Advisors LLC bought a new position in Broadcom during the third quarter valued at approximately $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in Broadcom in the third quarter worth approximately $45,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research analyst reports. William Blair started coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Truist Financial increased their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, Rosenblatt Securities cut their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $191.54.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 in the last quarter. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Down 0.5 %

Broadcom stock opened at $168.92 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm’s 50 day moving average price is $168.94 and its 200-day moving average price is $156.03. Broadcom Inc. has a 1 year low of $86.00 and a 1 year high of $186.42. The stock has a market cap of $786.30 billion, a P/E ratio of 146.89, a PEG ratio of 2.84 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

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.