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

Sawgrass Asset Management LLC lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 142,994 shares of the semiconductor manufacturer's stock after selling 5,987 shares during the quarter. Broadcom comprises approximately 2.9% of Sawgrass Asset Management LLC's portfolio, making the stock its 7th largest position. Sawgrass Asset Management LLC's holdings in Broadcom were worth $23,941,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new stake in Broadcom in the 4th quarter valued at about $357,000. Capital & Planning LLC increased its position in shares of Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC raised its stake in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after acquiring an additional 12,345 shares during the period. Brighton Jones LLC lifted its holdings in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new position in shares of Broadcom in the 4th quarter worth approximately $71,312,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO opened at $249.99 on Monday. The company has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average price of $220.48 and a 200 day moving average price of $212.76.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $10.96 EPS. Research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVGO. Bank of America lifted their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Citigroup boosted their price objective on Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a report on Monday, June 9th. Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Finally, UBS Group increased their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated 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 transaction, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $250.35, for a total value of $200,280.00. Following the completion of the transaction, the director now directly owns 25,382 shares in the company, valued at approximately $6,354,383.70. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 819,134 shares of company stock valued at $157,921,449 over the last quarter. Company insiders own 2.00% of the company's stock.

Broadcom 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.

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