Cornerstone Investment Partners LLC Boosts Holdings in Broadcom Inc (AVGO)

Cornerstone Investment Partners LLC raised its position in shares of Broadcom Inc (NASDAQ:AVGO) by 11.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 215,742 shares of the semiconductor manufacturer’s stock after acquiring an additional 21,747 shares during the period. Broadcom makes up 2.9% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 19th biggest position. Cornerstone Investment Partners LLC’s holdings in Broadcom were worth $64,876,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of AVGO. Oregon Public Employees Retirement Fund grew its position in Broadcom by 26,295.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after acquiring an additional 11,904,869 shares during the period. Norges Bank purchased a new stake in Broadcom during the fourth quarter valued at about $1,055,582,000. Morgan Stanley grew its position in Broadcom by 121.7% during the third quarter. Morgan Stanley now owns 4,296,700 shares of the semiconductor manufacturer’s stock valued at $1,060,125,000 after acquiring an additional 2,358,329 shares during the period. Vanguard Group Inc lifted its stake in shares of Broadcom by 6.6% during the third quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock worth $8,298,223,000 after purchasing an additional 2,094,847 shares in the last quarter. Finally, Standard Life Aberdeen plc acquired a new position in shares of Broadcom during the third quarter worth about $508,015,000. 87.00% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on AVGO. Mizuho boosted their price objective on Broadcom from $295.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Deutsche Bank boosted their price objective on Broadcom from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Wells Fargo & Co restated a “hold” rating on shares of Broadcom in a research note on Friday, March 15th. Craig Hallum boosted their price objective on Broadcom from $305.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, BidaskClub upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and thirty-one have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $303.03.

In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $315.07, for a total transaction of $6,301,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Charlie B. Kawwas sold 9,330 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total value of $2,761,026.90. The disclosure for this sale can be found here. Insiders have sold 87,824 shares of company stock valued at $26,390,919 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

NASDAQ:AVGO opened at $310.41 on Monday. The company has a market cap of $122.87 billion, a PE ratio of 16.48, a P/E/G ratio of 1.45 and a beta of 0.68. Broadcom Inc has a 52 week low of $197.46 and a 52 week high of $322.45. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.32 by $1.23. The company had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $5.12 earnings per share. Equities research analysts anticipate that Broadcom Inc will post 17.65 EPS for the current year.

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Broadcom 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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