CI Investments Inc. Sells 17,500 Shares of Broadcom Inc (AVGO)
CI Investments Inc. reduced its position in shares of Broadcom Inc (NASDAQ:AVGO) by 8.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 190,771 shares of the semiconductor manufacturer’s stock after selling 17,500 shares during the period. CI Investments Inc.’s holdings in Broadcom were worth $47,069,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Integrated Investment Consultants LLC bought a new stake in Broadcom during the second quarter worth about $203,000. Victory Capital Management Inc. bought a new stake in Broadcom during the second quarter worth about $8,034,000. CIBC Private Wealth Group LLC bought a new stake in Broadcom during the second quarter worth about $190,000. Alps Advisors Inc. bought a new stake in Broadcom during the second quarter worth about $1,482,000. Finally, Eagle Asset Management Inc. bought a new stake in Broadcom during the second quarter worth about $328,000. 85.11% of the stock is currently owned by institutional investors and hedge funds.
In other Broadcom news, SVP Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of $259.19, for a total transaction of $2,591,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas H. Krause sold 22,500 shares of the company’s stock in a transaction that occurred on Thursday, December 13th. The shares were sold at an average price of $257.08, for a total value of $5,784,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 73,694 shares of company stock valued at $17,869,945 in the last ninety days. 3.30% of the stock is currently owned by corporate insiders.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 EPS for the quarter, beating analysts’ consensus estimates of $5.58 by $0.27. The business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.40 billion. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. Broadcom’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.59 EPS. Equities research analysts forecast that Broadcom Inc will post 17.85 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Wednesday, December 19th will be given a dividend of $2.65 per share. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Tuesday, December 18th. This represents a $10.60 dividend on an annualized basis and a yield of 4.17%. Broadcom’s dividend payout ratio is presently 37.17%.
Several equities research analysts have issued reports on the company. BidaskClub raised Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 13th. ValuEngine raised Broadcom from a “hold” rating to a “buy” rating in a research note on Monday. Mizuho reissued a “buy” rating on shares of Broadcom in a research note on Friday, October 5th. Piper Jaffray Companies set a $293.00 target price on Broadcom and gave the company a “buy” rating in a research note on Tuesday, September 25th. Finally, Deutsche Bank lowered their target price on Broadcom from $310.00 to $300.00 and set a “buy” rating for the company in a research note on Monday, December 3rd. Eight research analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $288.62.
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Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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