Sawgrass Asset Management LLC Decreases Holdings in Broadcom Inc. $AVGO

Sawgrass Asset Management LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 19.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 110,468 shares of the semiconductor manufacturer’s stock after selling 26,938 shares during the period. Broadcom accounts for about 4.5% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 4th biggest holding. Sawgrass Asset Management LLC’s holdings in Broadcom were worth $36,444,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in AVGO. CIBC Asset Management Inc lifted its position in shares of Broadcom by 7.7% during the 3rd quarter. CIBC Asset Management Inc now owns 1,591,055 shares of the semiconductor manufacturer’s stock valued at $524,804,000 after buying an additional 114,231 shares in the last quarter. Barrett & Company Inc. boosted its position in shares of Broadcom by 503.8% in the third quarter. Barrett & Company Inc. now owns 803 shares of the semiconductor manufacturer’s stock worth $265,000 after purchasing an additional 670 shares during the period. Heritage Investment Group Inc. boosted its position in shares of Broadcom by 15.1% in the third quarter. Heritage Investment Group Inc. now owns 2,291 shares of the semiconductor manufacturer’s stock worth $756,000 after purchasing an additional 300 shares during the period. Capital Investment Counsel Inc bought a new stake in shares of Broadcom during the 3rd quarter valued at $284,000. Finally, TFR Capital LLC. raised its stake in Broadcom by 3.0% during the 3rd quarter. TFR Capital LLC. now owns 22,607 shares of the semiconductor manufacturer’s stock valued at $7,458,000 after purchasing an additional 662 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $347.12, for a total value of $10,413,600.00. Following the transaction, the insider directly owned 210,573 shares of the company’s stock, valued at approximately $73,094,099.76. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 1,928 shares of the stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.80, for a total value of $631,998.40. Following the sale, the insider owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This represents a 7.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 779,901 shares of company stock valued at $284,069,237 over the last three months. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AVGO. Morgan Stanley boosted their price target on shares of Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Evercore ISI lifted their price target on Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Royal Bank Of Canada began coverage on Broadcom in a research note on Wednesday, January 14th. They set a “sector perform” rating and a $370.00 price objective on the stock. Truist Financial raised their price objective on Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Finally, Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Two analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $437.28.

Broadcom Stock Up 0.2%

Broadcom stock opened at $331.30 on Friday. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The business has a fifty day moving average of $355.76 and a two-hundred day moving average of $337.24. The firm has a market cap of $1.57 trillion, a P/E ratio of 69.60, a P/E/G ratio of 1.10 and a beta of 1.21. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm’s revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 earnings per share. On average, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

Broadcom 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.