Sawgrass Asset Management LLC Sells 31,905 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sawgrass Asset Management LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 17.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 148,981 shares of the semiconductor manufacturer’s stock after selling 31,905 shares during the quarter. Broadcom accounts for approximately 3.8% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. Sawgrass Asset Management LLC’s holdings in Broadcom were worth $34,540,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. AMF Tjanstepension AB raised its holdings in Broadcom by 856.9% in the 3rd quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock valued at $175,101,000 after acquiring an additional 908,585 shares in the last quarter. Alpha Financial Partners LLC acquired a new position in Broadcom in the third quarter valued at about $404,000. Wealth Group Ltd. raised its stake in Broadcom by 900.0% in the third quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock valued at $304,000 after purchasing an additional 1,584 shares in the last quarter. Creative Planning grew its stake in Broadcom by 905.4% during the third quarter. Creative Planning now owns 779,322 shares of the semiconductor manufacturer’s stock worth $133,407,000 after buying an additional 701,806 shares in the last quarter. Finally, Swedbank AB increased its holdings in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after buying an additional 16,453,718 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Down 1.2 %

NASDAQ AVGO opened at $233.04 on Friday. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business has a 50 day simple moving average of $226.16 and a 200 day simple moving average of $187.02. The stock has a market capitalization of $1.09 trillion, a P/E ratio of 190.08, a P/E/G ratio of 2.42 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 EPS. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.01%. Broadcom’s dividend payout ratio (DPR) is currently 192.50%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several analyst reports. Evercore ISI increased their price target on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Mizuho lifted their price target on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Truist Financial upped their price objective on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Jefferies Financial Group boosted their target price on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, TD Cowen increased their target price on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 45,000 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the transaction, the chief executive officer now owns 842,836 shares in the company, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 in the last three months. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.