Procyon Advisors LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Procyon Advisors LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 37.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,432 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,764 shares during the quarter. Procyon Advisors LLC’s holdings in Broadcom were worth $7,179,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Rise Advisors LLC raised its stake in shares of Broadcom by 33.3% in the 4th quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock valued at $44,000 after acquiring an additional 10 shares during the period. CX Institutional boosted its holdings in Broadcom by 0.8% during the 4th quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock valued at $1,439,000 after acquiring an additional 10 shares during the period. Cascade Investment Group Inc. boosted its holdings in Broadcom by 1.7% during the 4th quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock valued at $680,000 after acquiring an additional 10 shares during the period. Greenwood Gearhart Inc. increased its stake in Broadcom by 2.0% during the third quarter. Greenwood Gearhart Inc. now owns 549 shares of the semiconductor manufacturer’s stock worth $456,000 after purchasing an additional 11 shares during the period. Finally, WBH Advisory Inc. increased its stake in Broadcom by 3.0% during the third quarter. WBH Advisory Inc. now owns 412 shares of the semiconductor manufacturer’s stock worth $342,000 after purchasing an additional 12 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of a number of research reports. UBS Group increased their target price on shares of Broadcom to $1,480.00 and gave the stock a “buy” rating in a report on Monday, February 26th. The Goldman Sachs Group reissued a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Susquehanna lifted their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research note on Wednesday, February 28th. Mizuho increased their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Finally, Summit Insights raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Friday, December 8th. Three equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,230.18.

Broadcom Price Performance

Shares of AVGO traded up $2.41 during mid-day trading on Thursday, reaching $1,321.14. 227,587 shares of the company’s stock were exchanged, compared to its average volume of 3,067,519. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The company has a 50-day simple moving average of $1,267.55 and a two-hundred day simple moving average of $1,061.46. The company has a market cap of $612.24 billion, a price-to-earnings ratio of 48.88, a PEG ratio of 2.81 and a beta of 1.26.

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, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same period in the prior year, the business earned $9.83 earnings per share. The business’s revenue was up 34.2% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 36.8 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, March 21st will be paid a $5.25 dividend. The ex-dividend date is Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.59%. Broadcom’s payout ratio is currently 77.84%.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 2,500 shares of the company’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the completion of the transaction, the chief financial officer now directly owns 26,880 shares in the company, valued at $28,039,603.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 2,500 shares of the business’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The disclosure for this sale can be found here. Insiders have sold a total of 19,810 shares of company stock valued at $26,107,692 in the last quarter. 2.00% of the stock is currently owned by company insiders.

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.