Cornerstone Wealth Group LLC Invests $2.33 Million in Broadcom Inc (NASDAQ:AVGO)

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Cornerstone Wealth Group LLC purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,835 shares of the semiconductor manufacturer’s stock, valued at approximately $2,332,000.

Other institutional investors also recently added to or reduced their stakes in the company. Great Diamond Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $27,000. Sterling Investment Advisors Ltd. purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $31,000. Private Ocean LLC raised its stake in shares of Broadcom by 1,566.7% during the fourth quarter. Private Ocean LLC now owns 100 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 94 shares during the last quarter. Islay Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $32,000. Finally, Verus Capital Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 82.01% of the company’s stock.

NASDAQ:AVGO traded down $1.31 during midday trading on Friday, reaching $273.49. 683,079 shares of the company traded hands, compared to its average volume of 2,139,819. Broadcom Inc has a twelve month low of $155.67 and a twelve month high of $331.58. The firm has a market capitalization of $111.41 billion, a price-to-earnings ratio of 45.35, a price-to-earnings-growth ratio of 1.38 and a beta of 0.93. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.56 and a quick ratio of 1.44. The company has a fifty day moving average price of $260.06 and a 200 day moving average price of $287.53.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 12th. The semiconductor manufacturer reported $5.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.33 by ($0.08). Broadcom had a net margin of 11.64% and a return on equity of 32.46%. The company had revenue of $5.86 billion for the quarter, compared to analyst estimates of $5.99 billion. During the same quarter in the prior year, the firm earned $5.55 EPS. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc will post 17.43 earnings per share for the current fiscal year.

In other Broadcom news, SVP Charlie B. Kawwas sold 1,348 shares of the business’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $264.39, for a total transaction of $356,397.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $257.25, for a total value of $514,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 144,494 shares of company stock valued at $34,947,312 in the last 90 days. Insiders own 3.30% of the company’s stock.

AVGO has been the subject of several research analyst reports. KeyCorp increased their price objective on Broadcom from $240.00 to $290.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. Charter Equity upgraded Broadcom from a “market perform” rating to an “outperform” rating in a research report on Sunday, April 19th. JPMorgan Chase & Co. cut their price objective on Broadcom from $380.00 to $340.00 and set an “overweight” rating for the company in a research report on Friday, March 13th. Bank of America reiterated a “buy” rating on shares of Broadcom in a research report on Thursday. Finally, Zacks Investment Research cut Broadcom from a “hold” rating to a “sell” rating and set a $211.00 price objective for the company. in a research report on Wednesday, March 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-nine have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $314.00.

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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