Cornerstone Wealth Management LLC Acquires 327 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Wealth Management LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGOFree Report) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,078 shares of the semiconductor manufacturer’s stock after acquiring an additional 327 shares during the period. Cornerstone Wealth Management LLC’s holdings in Broadcom were worth $2,336,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State Street Corp increased its position in shares of Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC boosted its stake in Broadcom by 976.6% during the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after buying an additional 89,975,941 shares during the period. FMR LLC increased its position in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Broadcom by 975.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after acquiring an additional 30,674,902 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO opened at $244.70 on Monday. The firm has a market capitalization of $1.15 trillion, a PE ratio of 199.59, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business’s 50-day moving average is $208.80 and its two-hundred day moving average is $180.62. Broadcom Inc. has a 1 year low of $117.43 and a 1 year high of $251.88.

Broadcom (NASDAQ:AVGOGet Free Report) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. The company’s quarterly revenue was up 51.2% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 191.87%.

Insider Transactions at Broadcom

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Cantor Fitzgerald upped their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Jefferies Financial Group upped their target price on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Mizuho raised their price target on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Robert W. Baird upped their price objective on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Piper Sandler increased their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $225.83.

Check Out Our Latest Report on Broadcom

About Broadcom

(Free Report)

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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