Cornerstone Advisors LLC Sells 800 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cornerstone Advisors LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 4.1% during the third quarter, Holdings Channel.com reports. The firm owned 18,700 shares of the semiconductor manufacturer’s stock after selling 800 shares during the period. Broadcom comprises 0.7% of Cornerstone Advisors LLC’s investment portfolio, making the stock its 25th biggest holding. Cornerstone Advisors LLC’s holdings in Broadcom were worth $15,532,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bollard Group LLC purchased a new position in Broadcom in the 2nd quarter valued at $26,000. Rise Advisors LLC boosted its holdings in shares of Broadcom by 76.5% in the third quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 13 shares during the period. Macroview Investment Management LLC acquired a new stake in shares of Broadcom during the third quarter worth $29,000. Indiana Trust & Investment Management CO acquired a new stake in Broadcom in the third quarter valued at $32,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Broadcom in the second quarter valued at $42,000. Institutional investors and hedge funds own 78.81% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $1,089.69, for a total value of $21,793,800.00. Following the transaction, the chief executive officer now directly owns 229,796 shares in the company, valued at approximately $250,406,403.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, Director Eddy W. Hartenstein sold 800 shares of Broadcom stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $1,140.30, for a total value of $912,240.00. Following the sale, the director now owns 810 shares of the company’s stock, valued at approximately $923,643. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $1,089.69, for a total value of $21,793,800.00. Following the completion of the sale, the chief executive officer now directly owns 229,796 shares in the company, valued at approximately $250,406,403.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,443 shares of company stock worth $50,151,532. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. KeyCorp lifted their price objective on Broadcom from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Friday, November 24th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a report on Friday, January 19th. Susquehanna boosted their target price on Broadcom from $1,010.00 to $1,100.00 and gave the stock a “positive” rating in a research report on Tuesday, November 28th. Finally, Summit Insights raised Broadcom from a “hold” rating to a “buy” rating in a research report on Friday, December 8th. Five analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $981.45.

Check Out Our Latest Stock Analysis on AVGO

Broadcom Price Performance

Shares of AVGO traded down $5.69 during mid-day trading on Monday, reaching $1,277.75. The company had a trading volume of 1,019,484 shares, compared to its average volume of 2,646,546. Broadcom Inc. has a twelve month low of $572.10 and a twelve month high of $1,295.97. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.82 and a quick ratio of 2.56. The company’s 50-day moving average is $1,124.64 and its 200-day moving average is $965.40. The company has a market capitalization of $598.17 billion, a P/E ratio of 38.88, a P/E/G ratio of 2.37 and a beta of 1.25.

Broadcom (NASDAQ:AVGOGet Free Report) last announced its quarterly earnings data on Thursday, December 7th. The semiconductor manufacturer reported $11.06 EPS for the quarter, beating analysts’ consensus estimates of $10.96 by $0.10. The firm had revenue of $9.30 billion for the quarter, compared to analyst estimates of $9.28 billion. Broadcom had a return on equity of 73.43% and a net margin of 39.31%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the company earned $9.75 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 42.71 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Wednesday, December 20th were given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.64%. This is a positive change from Broadcom’s previous quarterly dividend of $4.60. The ex-dividend date was Tuesday, December 19th. Broadcom’s dividend payout ratio (DPR) is presently 63.75%.

Broadcom Profile

(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.

Recommended Stories

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGOFree Report).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.