Cornerstone Planning LLC Takes Position in Broadcom Inc. $AVGO

Cornerstone Planning LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 20,363 shares of the semiconductor manufacturer’s stock, valued at approximately $7,049,000. Broadcom accounts for about 1.6% of Cornerstone Planning LLC’s investment portfolio, making the stock its 19th biggest holding.

A number of other large investors have also recently made changes to their positions in AVGO. ROSS JOHNSON & Associates LLC lifted its position in Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 66 shares in the last quarter. SWAN Capital LLC boosted its stake in Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 55 shares during the last quarter. Miller Global Investments LLC bought a new stake in Broadcom during the 4th quarter worth approximately $31,000. Nvest Wealth Strategies Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $33,000. Finally, Family CFO Inc purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $35,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on AVGO shares. Benchmark raised their target price on Broadcom from $485.00 to $545.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Susquehanna reiterated a “positive” rating and set a $490.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. Bank of America increased their price target on Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Oppenheimer restated an “outperform” rating and set a $535.00 price objective (up from $450.00) on shares of Broadcom in a research note on Thursday, June 4th. Finally, Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $490.13.

Broadcom Price Performance

Broadcom stock opened at $411.35 on Monday. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The firm has a 50 day moving average price of $411.42 and a 200-day moving average price of $363.34. Broadcom Inc. has a twelve month low of $244.17 and a twelve month high of $495.00. The company has a market capitalization of $1.96 trillion, a P/E ratio of 68.56, a P/E/G ratio of 0.72 and a beta of 1.41.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period in the previous year, the company posted $1.58 earnings per share. The business’s revenue was up 47.9% on a year-over-year basis. As a group, equities analysts predict that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom’s payout ratio is presently 43.33%.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom’s Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn’t Make Sense.’ Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Insider Activity at Broadcom

In related news, Director Harry L. You acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average price of $373.57 per share, with a total value of $373,570.00. Following the acquisition, the director owned 38,466 shares of the company’s stock, valued at approximately $14,369,743.62. This trade represents a 2.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $358.31, for a total transaction of $358,310.00. Following the completion of the sale, the director directly owned 32,352 shares in the company, valued at approximately $11,592,045.12. The trade was a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 59,385 shares of company stock worth $21,301,057 in the last 90 days. 1.90% of the stock is owned by company insiders.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.