Cornerstone Advisors LLC Has $38.97 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Advisors LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 4.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 168,100 shares of the semiconductor manufacturer’s stock after selling 8,100 shares during the quarter. Broadcom accounts for approximately 1.6% of Cornerstone Advisors LLC’s investment portfolio, making the stock its 11th largest position. Cornerstone Advisors LLC’s holdings in Broadcom were worth $38,972,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Central Pacific Bank Trust Division increased its stake in shares of Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after buying an additional 3,707 shares during the period. Wolff Financial Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $244,000. Strait & Sound Wealth Management LLC increased its position in Broadcom by 829.8% during the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after purchasing an additional 7,095 shares during the period. Motive Wealth Advisors increased its position in Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after purchasing an additional 4,209 shares during the period. Finally, Tidal Investments LLC increased its position in Broadcom by 969.3% during the 3rd quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock valued at $66,696,000 after purchasing an additional 350,485 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other news, insider Charlie B. Kawwas sold 40,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This trade represents a 5.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock valued at $44,964,800 in the last ninety days. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on AVGO. Benchmark reissued a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday. TD Cowen increased their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Barclays increased their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $184.45 on Tuesday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock’s fifty day simple moving average is $221.26 and its two-hundred day simple moving average is $193.28. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The stock has a market cap of $867.27 billion, a PE ratio of 150.45, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $14.07 billion. During the same period last year, the business earned $0.98 EPS. The business’s revenue was up 51.2% on a year-over-year basis. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.28%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

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.