Broadcom Inc. (NASDAQ:AVGO) is Cornerstone Investment Partners LLC’s Largest Position

Cornerstone Investment Partners LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 11.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,202 shares of the semiconductor manufacturer’s stock after selling 12,456 shares during the quarter. Broadcom comprises about 5.9% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its biggest holding. Cornerstone Investment Partners LLC’s holdings in Broadcom were worth $104,037,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. BetterWealth LLC grew its stake in shares of Broadcom by 1.5% in the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock worth $672,000 after acquiring an additional 9 shares during the period. Rise Advisors LLC grew its stake in shares of Broadcom by 33.3% in the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after acquiring an additional 10 shares during the period. CX Institutional boosted its holdings in shares of Broadcom by 0.8% in the fourth quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock worth $1,439,000 after buying an additional 10 shares during the last quarter. Cascade Investment Group Inc. boosted its holdings in shares of Broadcom by 1.7% in the fourth quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock worth $680,000 after buying an additional 10 shares during the last quarter. Finally, Sabal Trust CO boosted its holdings in shares of Broadcom by 1.6% in the fourth quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock worth $714,000 after buying an additional 10 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a report on Monday, April 8th. Barclays boosted their target price on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Evercore ISI started coverage on shares of Broadcom in a report on Tuesday. They issued an “outperform” rating and a $1,620.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 110 shares of the business’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now directly owns 3,125 shares in the company, valued at $4,134,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now directly owns 3,125 shares in the company, valued at $4,134,375. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,920 shares of company stock worth $40,306,667. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock traded down $34.65 during midday trading on Friday, reaching $1,224.34. The stock had a trading volume of 1,253,841 shares, compared to its average volume of 2,923,538. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The company has a market cap of $567.38 billion, a price-to-earnings ratio of 45.98, a price-to-earnings-growth ratio of 2.62 and a beta of 1.25. The company’s fifty day simple moving average is $1,306.69 and its 200 day simple moving average is $1,116.18. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same period last year, the company earned $9.83 EPS. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 35.88 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.72%. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

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.