Sawgrass Asset Management LLC Sells 145 Shares of Broadcom Inc. (NASDAQ:AVGO)

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

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of Broadcom by 26.8% in the 3rd quarter. Brighton Jones LLC now owns 2,004 shares of the semiconductor manufacturer’s stock worth $1,665,000 after purchasing an additional 423 shares during the last quarter. Cambridge Trust Co. boosted its position in shares of Broadcom by 0.7% in the 3rd quarter. Cambridge Trust Co. now owns 42,199 shares of the semiconductor manufacturer’s stock worth $35,050,000 after purchasing an additional 282 shares during the last quarter. Middleton & Co. Inc. MA boosted its position in shares of Broadcom by 1.9% in the 3rd quarter. Middleton & Co. Inc. MA now owns 15,899 shares of the semiconductor manufacturer’s stock worth $13,205,000 after purchasing an additional 300 shares during the last quarter. Macroview Investment Management LLC bought a new position in shares of Broadcom in the 3rd quarter worth $29,000. Finally, AMF Tjanstepension AB boosted its position in shares of Broadcom by 51.1% in the 3rd quarter. AMF Tjanstepension AB now owns 136,129 shares of the semiconductor manufacturer’s stock worth $113,066,000 after purchasing an additional 46,015 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research report on Monday, April 8th. Susquehanna raised their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research note on Wednesday, February 28th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. Finally, Mizuho lifted their price target on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $1,285.41.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The sale was disclosed in a filing with the SEC, which is available at this link. In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated 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 transaction, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,920 shares of company stock worth $40,306,667. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Broadcom stock traded up $22.26 during midday trading on Wednesday, reaching $1,325.37. 1,391,012 shares of the company’s stock were exchanged, compared to its average volume of 2,855,330. Broadcom Inc. has a 52 week low of $615.86 and a 52 week high of $1,438.17. The firm has a market cap of $614.20 billion, a price-to-earnings ratio of 49.12, a P/E/G ratio of 2.60 and a beta of 1.25. The stock’s 50-day simple moving average is $1,308.82 and its 200 day simple moving average is $1,157.75. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping 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 company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the previous year, the company posted $9.83 earnings per share. The business’s revenue was up 34.2% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom Company 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.