Sawgrass Asset Management LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Sawgrass Asset Management LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 43,118 shares of the semiconductor manufacturer’s stock, valued at approximately $27,151,000. Broadcom comprises 2.8% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 7th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hanson & Doremus Investment Management acquired a new stake in Broadcom during the first quarter worth about $26,000. Ahrens Investment Partners LLC grew its position in Broadcom by 125.0% during the first quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 25 shares in the last quarter. Semmax Financial Advisors Inc. grew its position in Broadcom by 300.0% during the fourth quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 33 shares in the last quarter. Hoey Investments Inc. acquired a new stake in Broadcom during the first quarter worth about $30,000. Finally, Cordant Inc. acquired a new stake in Broadcom during the first quarter worth about $31,000. 79.60% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of Broadcom stock opened at $503.65 on Wednesday. The company has a debt-to-equity ratio of 1.88, a current ratio of 2.32 and a quick ratio of 2.05. The firm has a market cap of $203.98 billion, a P/E ratio of 21.78, a P/E/G ratio of 1.01 and a beta of 1.09. The firm has a 50 day simple moving average of $520.36 and a 200 day simple moving average of $551.93. Broadcom Inc. has a fifty-two week low of $463.91 and a fifty-two week high of $677.76.

Broadcom (NASDAQ:AVGOGet Rating) last issued its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share for the quarter, beating analysts’ consensus estimates of $9.56 by $0.17. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. Broadcom’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter last year, the business posted $6.32 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 34.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a share repurchase program on Thursday, May 26th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd will be issued a dividend of $4.10 per share. This represents a $16.40 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Wednesday, September 21st. Broadcom’s dividend payout ratio is presently 70.93%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on AVGO shares. Truist Financial decreased their target price on Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research report on Friday, September 2nd. Susquehanna reissued a “buy” rating and set a $680.00 target price on shares of Broadcom in a research report on Friday, September 2nd. Bank of America cut their price target on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Mizuho raised their price target on shares of Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research note on Friday, May 27th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $675.33.

Broadcom Profile

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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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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