Cornerstone Wealth Group LLC Purchases Shares of 9,835 Broadcom Inc (NASDAQ:AVGO)

Cornerstone Wealth Group LLC bought a new position in Broadcom Inc (NASDAQ:AVGO) in the first quarter, HoldingsChannel.com reports. The fund bought 9,835 shares of the semiconductor manufacturer’s stock, valued at approximately $2,332,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Capital International Investors raised its holdings in shares of Broadcom by 7.6% in the 4th quarter. Capital International Investors now owns 29,539,532 shares of the semiconductor manufacturer’s stock worth $9,335,080,000 after buying an additional 2,089,628 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Broadcom by 2.0% in the 1st quarter. BlackRock Inc. now owns 25,415,446 shares of the semiconductor manufacturer’s stock worth $6,026,003,000 after buying an additional 508,484 shares in the last quarter. State Street Corp raised its holdings in shares of Broadcom by 0.9% in the 4th quarter. State Street Corp now owns 16,344,681 shares of the semiconductor manufacturer’s stock worth $5,165,246,000 after buying an additional 138,951 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Broadcom by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 5,575,151 shares of the semiconductor manufacturer’s stock worth $1,758,455,000 after buying an additional 83,589 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Broadcom in the 4th quarter worth approximately $1,159,267,000. 82.01% of the stock is owned by institutional investors and hedge funds.

In related news, CEO Hock E. Tan sold 73,646 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $198.18, for a total transaction of $14,595,164.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Charlie B. Kawwas sold 1,348 shares of Broadcom stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $264.39, for a total value of $356,397.72. The disclosure for this sale can be found here. Insiders have sold a total of 144,494 shares of company stock worth $34,947,312 in the last ninety days. 3.30% of the stock is currently owned by company insiders.

A number of research firms recently commented on AVGO. Mizuho restated a “buy” rating and set a $315.00 price target on shares of Broadcom in a research report on Thursday, March 12th. Daiwa Capital Markets upgraded Broadcom from a “neutral” rating to an “outperform” rating and set a $215.00 price target on the stock in a research report on Wednesday, March 18th. Citigroup decreased their price target on Broadcom from $340.00 to $303.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. BMO Capital Markets upgraded Broadcom from a “market perform” rating to an “outperform” rating and set a $330.00 price target on the stock in a research report on Monday, March 16th. Finally, Royal Bank of Canada decreased their price target on Broadcom from $360.00 to $300.00 and set an “outperform” rating on the stock in a research report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $314.00.

Broadcom stock traded down $1.31 during mid-day trading on Friday, hitting $273.49. 683,079 shares of the company’s stock were exchanged, compared to its average volume of 2,139,819. The firm has a market capitalization of $111.41 billion, a P/E ratio of 45.35, a PEG ratio of 1.38 and a beta of 0.93. Broadcom Inc has a fifty-two week low of $155.67 and a fifty-two week high of $331.58. The company has a quick ratio of 1.44, a current ratio of 1.56 and a debt-to-equity ratio of 1.74. The company’s 50 day simple moving average is $260.06 and its 200-day simple moving average is $287.53.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 12th. The semiconductor manufacturer reported $5.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $5.33 by ($0.08). The business had revenue of $5.86 billion for the quarter, compared to analyst estimates of $5.99 billion. Broadcom had a return on equity of 32.46% and a net margin of 11.64%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business posted $5.55 EPS. Research analysts expect that Broadcom Inc will post 17.43 EPS for the current year.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Further Reading: What is a Reverse Stock Split?

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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