Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,700 shares of the semiconductor manufacturer’s stock after selling 100 shares during the quarter. Broadcom comprises approximately 1.2% of Cornerstone Advisors LLC’s holdings, making the stock its 14th largest position. Cornerstone Advisors LLC’s holdings in Broadcom were worth $28,418,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Swedbank AB bought a new position in shares of Broadcom during the first quarter worth about $2,835,737,000. Vanguard Group Inc. boosted its stake in Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Jennison Associates LLC grew its position in Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares during the last quarter. Capital International Investors increased its stake in shares of Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares during the period. Finally, GQG Partners LLC raised its holdings in shares of Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after buying an additional 983,328 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of recent analyst reports. UBS Group decreased their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Melius Research began coverage on Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target on the stock. Melius began coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. Mizuho increased their target price on shares of Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Oppenheimer dropped their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Trading Up 1.9 %

NASDAQ:AVGO opened at $167.69 on Monday. The stock has a market cap of $780.58 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. 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 stock’s 50-day moving average is $188.15 and its two-hundred day moving average is $157.03.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm’s revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

About Broadcom

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.