Broadcom Ltd (AVGO) Stake Cut by Cornerstone Financial Partners LLC

Cornerstone Financial Partners LLC lowered its position in Broadcom Ltd (NASDAQ:AVGO) by 6.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,746 shares of the semiconductor manufacturer’s stock after selling 416 shares during the period. Cornerstone Financial Partners LLC’s holdings in Broadcom were worth $1,259,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Swedbank acquired a new stake in shares of Broadcom during the third quarter worth about $100,658,000. Benson Investment Management Company Inc. purchased a new stake in Broadcom during the fourth quarter valued at $2,046,000. Cobiz Wealth LLC purchased a new stake in Broadcom during the fourth quarter valued at $3,805,000. Main Street Research LLC increased its stake in Broadcom by 13.5% in the fourth quarter. Main Street Research LLC now owns 50,616 shares of the semiconductor manufacturer’s stock valued at $8,947,000 after buying an additional 6,002 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. increased its stake in Broadcom by 3.5% in the fourth quarter. ZWJ Investment Counsel Inc. now owns 96,740 shares of the semiconductor manufacturer’s stock valued at $17,100,000 after buying an additional 3,278 shares during the last quarter. 91.85% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Broadcom Ltd (NASDAQ:AVGO) traded up 1.25% during midday trading on Monday, hitting $213.97. The stock had a trading volume of 260,398 shares. Broadcom Ltd has a 52 week low of $139.18 and a 52 week high of $227.75. The stock’s 50 day moving average price is $218.30 and its 200-day moving average price is $190.51. The company’s market cap is $85.88 billion.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, March 1st. The semiconductor manufacturer reported $3.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.02 by $0.61. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Broadcom had a negative net margin of 13.13% and a positive return on equity of 22.77%. The firm’s revenue for the quarter was up 132.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.41 earnings per share. Equities research analysts predict that Broadcom Ltd will post $14.86 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Monday, March 20th were paid a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Thursday, March 16th. Broadcom’s dividend payout ratio (DPR) is -100.49%.

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AVGO has been the subject of several research reports. Zacks Investment Research downgraded Broadcom from a “strong-buy” rating to a “sell” rating in a report on Wednesday, February 8th. Barclays PLC reissued an “overweight” rating and issued a $250.00 target price (up from $240.00) on shares of Broadcom in a report on Friday, March 10th. Wells Fargo & Co reissued a “market perform” rating and issued a $222.50 target price (up from $165.00) on shares of Broadcom in a report on Friday, March 3rd. Vetr downgraded Broadcom from a “buy” rating to a “hold” rating and set a $192.84 target price for the company. in a report on Monday, January 23rd. Finally, Royal Bank of Canada reissued a “top pick” rating on shares of Broadcom in a report on Wednesday, January 18th. Two investment analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company. Broadcom has an average rating of “Buy” and an average price target of $228.54.

In other news, Director Lake (Offshore) Aiv Gp Silver sold 1,000,000 shares of the firm’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $200.76, for a total transaction of $200,760,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas H. Krause sold 4,289 shares of the firm’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $220.00, for a total transaction of $943,580.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,294,108 shares of company stock valued at $477,197,133. 6.20% of the stock is currently owned by insiders.

About Broadcom

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

5 Day Chart for NASDAQ:AVGO

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