Cornerstone Investment Partners LLC Purchase Holding in Broadcom Inc (AVGO)

Cornerstone Investment Partners LLC Purchase Holding in Broadcom Inc (AVGO)

Cornerstone Investment Partners LLC bought a new stake in Broadcom Inc (NASDAQ:AVGO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 193,995 shares of the semiconductor manufacturer’s stock, valued at approximately $49,329,000. Broadcom makes up approximately 2.4% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 25th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Vanguard Group Inc. boosted its stake in shares of Broadcom by 6.6% during the 3rd quarter. Vanguard Group Inc. now owns 33,632,811 shares of the semiconductor manufacturer’s stock worth $8,298,223,000 after acquiring an additional 2,094,847 shares in the last quarter. Vanguard Group Inc boosted its stake in shares of Broadcom by 6.6% during the 3rd quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock worth $8,298,223,000 after acquiring an additional 2,094,847 shares in the last quarter. Capital International Investors boosted its stake in shares of Broadcom by 504.1% during the 3rd quarter. Capital International Investors now owns 27,509,769 shares of the semiconductor manufacturer’s stock worth $6,787,485,000 after acquiring an additional 22,955,578 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Broadcom by 0.8% during the 3rd quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock worth $6,397,772,000 after acquiring an additional 209,280 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in shares of Broadcom by 16.3% during the 3rd quarter. Capital Research Global Investors now owns 25,694,725 shares of the semiconductor manufacturer’s stock worth $6,339,659,000 after acquiring an additional 3,608,395 shares in the last quarter. Hedge funds and other institutional investors own 86.37% of the company’s stock.

In other news, CFO Thomas H. Krause sold 22,500 shares of the company’s stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of $257.08, for a total value of $5,784,300.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lewis C. Eggebrecht sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, December 14th. The shares were sold at an average price of $260.81, for a total value of $521,620.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,723 shares of company stock worth $24,446,974. Corporate insiders own 3.30% of the company’s stock.

Several analysts have recently issued reports on AVGO shares. Mizuho reiterated a “buy” rating on shares of Broadcom in a research note on Friday, October 5th. Piper Jaffray Companies set a $293.00 price target on Broadcom and gave the stock a “buy” rating in a research note on Tuesday, September 25th. BidaskClub upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, September 21st. Nomura upgraded Broadcom from a “neutral” rating to a “buy” rating and upped their price target for the stock from $225.00 to $300.00 in a research note on Monday, September 17th. Finally, Deutsche Bank reiterated a “buy” rating and set a $310.00 price target on shares of Broadcom in a research note on Thursday, November 8th. Nine analysts have rated the stock with a hold rating and thirty-three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $288.93.

Broadcom stock traded up $2.61 during trading hours on Friday, hitting $252.13. The stock had a trading volume of 56,745 shares, compared to its average volume of 4,483,993. The company has a quick ratio of 3.41, a current ratio of 3.90 and a debt-to-equity ratio of 0.66. The stock has a market cap of $100.30 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 1.11 and a beta of 0.73. Broadcom Inc has a fifty-two week low of $197.46 and a fifty-two week high of $273.85.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 EPS for the quarter, beating the consensus estimate of $5.58 by $0.27. The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.59 EPS. On average, analysts expect that Broadcom Inc will post 18.59 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th were paid a $2.65 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. This represents a $10.60 annualized dividend and a dividend yield of 4.20%. The ex-dividend date was Tuesday, December 18th. Broadcom’s dividend payout ratio is currently 56.29%.

About Broadcom

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.

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