W.H. Cornerstone Investments Inc. Takes $213,000 Position in Broadcom Inc. (NASDAQ:AVGO)

W.H. Cornerstone Investments Inc. acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,238 shares of the semiconductor manufacturer’s stock, valued at approximately $213,000.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares during the period. Swedbank AB increased its holdings in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares during the period. Van ECK Associates Corp lifted its stake in Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock worth $2,203,837,000 after purchasing an additional 11,453,554 shares in the last quarter. Raymond James & Associates boosted its holdings in Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares during the period. Finally, National Pension Service grew its position in shares of Broadcom by 1,045.4% during the 3rd quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer’s stock valued at $1,427,120,000 after purchasing an additional 7,550,878 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 2.4 %

Shares of NASDAQ AVGO opened at $183.81 on Friday. The firm’s fifty day moving average is $169.80 and its 200 day moving average is $156.94. Broadcom Inc. has a 52 week low of $89.90 and a 52 week high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market cap of $858.50 billion, a price-to-earnings ratio of 159.70, a PEG ratio of 1.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.15%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AVGO. Mizuho increased their price objective on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Cantor Fitzgerald raised their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Benchmark reaffirmed a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Finally, The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Broadcom Profile

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.