Cornerstone Investment Partners LLC Has $122.58 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Investment Partners LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 21.8% during the fourth quarter, HoldingsChannel reports. The firm owned 528,712 shares of the semiconductor manufacturer’s stock after selling 147,728 shares during the quarter. Broadcom accounts for 6.1% of Cornerstone Investment Partners LLC’s holdings, making the stock its largest position. Cornerstone Investment Partners LLC’s holdings in Broadcom were worth $122,577,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Pin Oak Investment Advisors Inc. boosted its stake in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. Canton Hathaway LLC acquired a new stake in Broadcom in the fourth quarter valued at approximately $26,000. JDM Financial Group LLC grew its stake in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 172 shares during the last quarter. Synergy Investment Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $35,000. Finally, Retirement Wealth Solutions LLC bought a new position in shares of Broadcom in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 0.1 %

AVGO opened at $187.48 on Wednesday. The company has a fifty day moving average price of $225.50 and a two-hundred day moving average price of $192.65. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The company has a market cap of $878.79 billion, a P/E ratio of 152.92, a price-to-earnings-growth ratio of 2.29 and a beta of 1.02. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the prior year, the business earned $0.98 EPS. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 191.87%.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the sale, the insider now owns 321,660 shares in the company, valued at $76,809,191.40. This represents a 5.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the transaction, the chief executive officer now owns 842,836 shares of the company’s stock, valued at $202,246,926.56. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research reports. Mizuho upped their target price on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Truist Financial upped their price objective on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Finally, Citigroup lifted their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $225.04.

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.