CIBC Asset Management Inc Raises Position in Broadcom Inc. (NASDAQ:AVGO)

CIBC Asset Management Inc lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 973.6% in the third quarter, Holdings Channel reports. The firm owned 1,693,767 shares of the semiconductor manufacturer’s stock after buying an additional 1,535,998 shares during the period. Broadcom comprises about 0.9% of CIBC Asset Management Inc’s portfolio, making the stock its 26th largest position. CIBC Asset Management Inc’s holdings in Broadcom were worth $292,179,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Hillsdale Investment Management Inc. raised its position in shares of Broadcom by 35.5% in the 1st quarter. Hillsdale Investment Management Inc. now owns 420 shares of the semiconductor manufacturer’s stock valued at $557,000 after purchasing an additional 110 shares during the last quarter. PAX Financial Group LLC raised its holdings in shares of Broadcom by 16.8% in the first quarter. PAX Financial Group LLC now owns 230 shares of the semiconductor manufacturer’s stock worth $305,000 after buying an additional 33 shares during the last quarter. Delta Asset Management LLC TN raised its holdings in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the last quarter. PYA Waltman Capital LLC lifted its stake in shares of Broadcom by 1.1% during the first quarter. PYA Waltman Capital LLC now owns 2,071 shares of the semiconductor manufacturer’s stock worth $2,744,000 after buying an additional 23 shares during the period. Finally, Capitolis Liquid Global Markets LLC grew its holdings in shares of Broadcom by 2,234.0% during the first quarter. Capitolis Liquid Global Markets LLC now owns 116,700 shares of the semiconductor manufacturer’s stock valued at $154,675,000 after buying an additional 111,700 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

AVGO opened at $164.84 on Monday. The firm’s fifty day simple moving average is $172.84 and its two-hundred day simple moving average is $159.35. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a market cap of $769.90 billion, a price-to-earnings ratio of 143.21, a PEG ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the firm posted $0.95 EPS. Broadcom’s revenue was up 47.3% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.19%.

Analysts Set New Price Targets

AVGO has been the subject of a number of research reports. Cantor Fitzgerald lifted their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. JPMorgan Chase & Co. upped their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $192.79.

About Broadcom

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.