Broadcom Inc. $AVGO Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,591,055 shares of the semiconductor manufacturer’s stock after buying an additional 114,231 shares during the period. Broadcom makes up about 1.5% of CIBC Asset Management Inc’s holdings, making the stock its 18th biggest holding. CIBC Asset Management Inc’s holdings in Broadcom were worth $524,804,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after buying an additional 5,322 shares during the period. Revolve Wealth Partners LLC increased its position in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after acquiring an additional 756 shares in the last quarter. United Bank increased its position in shares of Broadcom by 76.5% in the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after acquiring an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC raised its stake in shares of Broadcom by 10.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer’s stock valued at $3,499,000 after acquiring an additional 1,160 shares during the period. Finally, Capital Insight Partners LLC lifted its holdings in shares of Broadcom by 145.7% during the 2nd quarter. Capital Insight Partners LLC now owns 15,524 shares of the semiconductor manufacturer’s stock valued at $4,279,000 after acquiring an additional 9,205 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on AVGO. Citigroup reissued a “buy” rating on shares of Broadcom in a research report on Thursday, January 15th. Benchmark raised their target price on Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a report on Friday, December 12th. Bank of America upped their price target on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Oppenheimer increased their price objective on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $437.28.

Insider Buying and Selling at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of the business’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the sale, the chief financial officer owned 277,237 shares in the company, valued at $96,428,573.34. The trade was a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 38,281 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the completion of the transaction, the insider owned 266,494 shares in the company, valued at approximately $87,316,759.10. The trade was a 12.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 779,901 shares of company stock worth $284,069,237. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $331.30 on Friday. The firm has a market cap of $1.57 trillion, a P/E ratio of 69.60, a P/E/G ratio of 1.10 and a beta of 1.21. The firm has a fifty day moving average of $355.76 and a two-hundred day moving average of $337.24. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same period last year, the firm earned $1.42 earnings per share. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were issued a $0.65 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Broadcom Company 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.