Broadcom Inc. $AVGO is Sawgrass Asset Management LLC’s 4th Largest Position

Sawgrass Asset Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 19.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,468 shares of the semiconductor manufacturer’s stock after selling 26,938 shares during the period. Broadcom makes up 4.5% of Sawgrass Asset Management LLC’s holdings, making the stock its 4th biggest position. Sawgrass Asset Management LLC’s holdings in Broadcom were worth $36,444,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AVGO. Longfellow Investment Management Co. LLC acquired a new position in shares of Broadcom in the second quarter worth about $27,000. Teachers Insurance & Annuity Association of America purchased a new stake in Broadcom during the 2nd quarter worth approximately $28,000. LGT Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter worth approximately $31,000. New England Capital Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter worth $31,000. Finally, JCIC Asset Management Inc. purchased a new stake in Broadcom during the 3rd quarter valued at about $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on AVGO. JPMorgan Chase & Co. increased their price target on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a report on Friday, December 12th. UBS Group set a $475.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Monday, December 15th. Sanford C. Bernstein reiterated an “outperform” rating and set a $475.00 price target (up previously from $400.00) on shares of Broadcom in a report on Friday, December 12th. Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Broadcom in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Broadcom has an average rating of “Buy” and a consensus target price of $437.28.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 70,000 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the sale, the chief executive officer directly owned 132,836 shares in the company, valued at $46,133,942.80. This represents a 34.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry L. You purchased 1,000 shares of Broadcom stock in a transaction dated Thursday, December 18th. The shares were acquired at an average cost of $325.13 per share, for a total transaction of $325,130.00. Following the transaction, the director directly owned 36,602 shares of the company’s stock, valued at approximately $11,900,408.26. This represents a 2.81% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Broadcom stock opened at $331.30 on Friday. The company’s 50 day simple moving average is $355.76 and its 200-day simple moving average is $337.24. The company has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 69.60, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the company posted $1.42 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

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

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.