CIBC Asset Management Inc Acquires 1,535,998 Shares of Broadcom Inc. (NASDAQ:AVGO)

CIBC Asset Management Inc lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 973.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,693,767 shares of the semiconductor manufacturer's stock after acquiring an additional 1,535,998 shares during the period. Broadcom accounts for approximately 0.9% of CIBC Asset Management Inc's investment portfolio, making the stock its 26th biggest holding. CIBC Asset Management Inc's holdings in Broadcom were worth $292,179,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Castleview Partners LLC boosted its position in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 134 shares during the period. Delta Asset Management LLC TN increased its holdings in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock valued at $32,000 after buying an additional 17 shares in the last quarter. Tsfg LLC grew its position in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. Krane Funds Advisors LLC acquired a new stake in Broadcom during the third quarter worth approximately $42,000. Finally, Highline Wealth Partners LLC acquired a new stake in Broadcom during the third quarter worth approximately $45,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.5 %

Shares of Broadcom stock traded up $0.83 on Monday, hitting $165.67. 17,535,801 shares of the company's stock traded hands, compared to its average volume of 29,472,271. The stock has a market cap of $773.77 billion, a P/E ratio of 143.13, 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. The firm's 50-day moving average is $172.84 and its 200 day moving average is $159.35. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $12.98 billion. During the same period last year, the company earned $0.95 earnings per share. The company's quarterly 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 year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.28%. Broadcom's payout ratio is currently 184.19%.

Insider Activity

In related news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company's stock, valued at approximately $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on AVGO shares. UBS Group upped their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a report on Monday, November 4th. StockNews.com lowered shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Truist Financial increased their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Company Profile

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.