Broadcom Inc. $AVGO Position Raised by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,591,055 shares of the semiconductor manufacturer’s stock after acquiring an additional 114,231 shares during the quarter. Broadcom comprises about 1.5% of CIBC Asset Management Inc’s investment portfolio, making the stock its 18th largest holding. CIBC Asset Management Inc’s holdings in Broadcom were worth $524,804,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Broadcom in the 2nd quarter valued at approximately $18,579,549,000. Vanguard Group Inc. boosted its position in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after acquiring an additional 6,222,802 shares during the period. Edgewood Management LLC bought a new position in shares of Broadcom in the second quarter worth $1,571,438,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Broadcom by 115.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after purchasing an additional 3,224,739 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Broadcom by 8.4% during the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after purchasing an additional 2,978,768 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on AVGO shares. Oppenheimer upped their price objective on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. TD Cowen reaffirmed a “buy” rating on shares of Broadcom in a research note on Friday, December 12th. Wolfe Research upgraded shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price objective on the stock in a research note on Friday. Rosenblatt Securities boosted their target price on Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $500.00 price target (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $437.28.

Broadcom Stock Performance

AVGO opened at $331.30 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The firm has a market cap of $1.57 trillion, a PE ratio of 69.60, a P/E/G ratio of 1.10 and a beta of 1.21. The business has a fifty day simple moving average of $355.76 and a 200-day simple moving average of $337.24. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is presently 54.62%.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 320,316 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $400.53, for a total value of $128,296,167.48. Following the transaction, the director owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. This represents a 0.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 30,000 shares of the stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total value of $10,434,600.00. Following the sale, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 779,901 shares of company stock valued at $284,069,237 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.