CIBC Private Wealth Group LLC Trims Position in Broadcom Inc. (NASDAQ:AVGO)

CIBC Private Wealth Group LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 496,628 shares of the semiconductor manufacturer’s stock after selling 11,074 shares during the period. CIBC Private Wealth Group LLC’s holdings in Broadcom were worth $113,882,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth $26,000. JDM Financial Group LLC raised its holdings in Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares in the last quarter. Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at $32,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at $33,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Check Kian Low sold 48,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 785,976 shares of company stock worth $147,912,102 over the last three months. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent research reports. Benchmark reissued a “buy” rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. TD Cowen raised their price target on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Evercore ISI upped their price target on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Morgan Stanley raised their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Down 1.7 %

NASDAQ AVGO opened at $169.12 on Friday. The stock’s 50-day moving average price is $209.48 and its 200-day moving average price is $196.25. The company has a market capitalization of $795.19 billion, a P/E ratio of 137.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.40%. Broadcom’s payout ratio is currently 113.46%.

Broadcom 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.