Cornerstone Wealth Group LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Wealth Group LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 897.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 93,766 shares of the semiconductor manufacturer’s stock after buying an additional 84,361 shares during the period. Broadcom accounts for approximately 1.3% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 13th largest holding. Cornerstone Wealth Group LLC’s holdings in Broadcom were worth $16,175,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oak Harvest Investment Services increased its stake in Broadcom by 410.1% in the third quarter. Oak Harvest Investment Services now owns 47,656 shares of the semiconductor manufacturer’s stock valued at $8,221,000 after acquiring an additional 38,313 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV boosted its holdings in shares of Broadcom by 784.3% in the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 63,902 shares of the semiconductor manufacturer’s stock worth $11,023,000 after purchasing an additional 56,676 shares in the last quarter. JFS Wealth Advisors LLC increased its position in shares of Broadcom by 886.8% during the 3rd quarter. JFS Wealth Advisors LLC now owns 2,467 shares of the semiconductor manufacturer’s stock valued at $426,000 after purchasing an additional 2,217 shares during the last quarter. SteelPeak Wealth LLC raised its holdings in shares of Broadcom by 808.1% during the 3rd quarter. SteelPeak Wealth LLC now owns 186,830 shares of the semiconductor manufacturer’s stock valued at $32,228,000 after buying an additional 166,257 shares in the last quarter. Finally, Sunburst Financial Group LLC lifted its position in Broadcom by 1,037.5% in the 3rd quarter. Sunburst Financial Group LLC now owns 3,094 shares of the semiconductor manufacturer’s stock worth $534,000 after buying an additional 2,822 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Oppenheimer reduced their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Truist Financial boosted their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Cantor Fitzgerald lifted their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Trading Down 0.5 %

Shares of AVGO opened at $168.92 on Friday. Broadcom Inc. has a 1-year low of $86.00 and a 1-year high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm’s 50-day moving average price is $168.94 and its 200-day moving average price is $156.03. The firm has a market capitalization of $786.30 billion, a price-to-earnings ratio of 146.89, a PEG ratio of 2.84 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the business posted $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.26%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.35%.

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.