Sawgrass Asset Management LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Sawgrass Asset Management LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,657 shares of the semiconductor manufacturer’s stock after selling 145 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Broadcom were worth $7,431,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in AVGO. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Broadcom in the 4th quarter valued at about $25,000. PSI Advisors LLC raised its position in Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 10 shares during the last quarter. BKM Wealth Management LLC purchased a new position in Broadcom during the 4th quarter worth $29,000. CKW Financial Group acquired a new position in Broadcom in the fourth quarter valued at $30,000. Finally, Bfsg LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research reports. Benchmark reissued a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. UBS Group lifted their price objective on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Barclays lifted their target price on shares of Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Finally, Mizuho boosted their target price on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom Price Performance

AVGO stock traded up $22.26 on Wednesday, reaching $1,325.37. The company had a trading volume of 1,391,012 shares, compared to its average volume of 2,855,330. Broadcom Inc. has a 1 year low of $615.86 and a 1 year high of $1,438.17. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The company’s fifty day moving average is $1,308.82 and its 200 day moving average is $1,157.75. The company has a market cap of $614.20 billion, a P/E ratio of 49.12, a PEG ratio of 2.60 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same quarter in the prior year, the company earned $9.83 EPS. Broadcom’s revenue was up 34.2% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.58%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now owns 168,096 shares of the company’s stock, valued at $220,583,976. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock worth $40,306,667. Insiders own 2.00% of the company’s stock.

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.