Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.0% during the first quarter, Holdings Channel reports. The institutional investor owned 142,994 shares of the semiconductor manufacturer’s stock after selling 5,987 shares during the quarter. Broadcom comprises 2.9% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 7th biggest holding. Sawgrass Asset Management LLC’s holdings in Broadcom were worth $23,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Norges Bank purchased a new stake in shares of Broadcom during the 4th quarter worth $16,893,010,000. GAMMA Investing LLC boosted its holdings in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the period. GQG Partners LLC grew its position in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 819,134 shares of company stock worth $157,921,449. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Down 0.5%

AVGO opened at $249.99 on Monday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The firm has a 50 day moving average price of $220.48 and a 200 day moving average price of $212.76. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market cap of $1.18 trillion, a PE ratio of 93.63, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. Benchmark boosted their price target on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Oppenheimer boosted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Finally, Evercore ISI restated an “outperform” rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $276.09.

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.