Procyon Advisors LLC Has $7.18 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Procyon Advisors LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 37.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,432 shares of the semiconductor manufacturer’s stock after purchasing 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.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Rise Advisors LLC grew its position in Broadcom by 76.5% in the third quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 13 shares during the last quarter. Bollard Group LLC bought a new stake in shares of Broadcom during the 2nd quarter valued at approximately $26,000. Macroview Investment Management LLC acquired a new position in Broadcom during the 3rd quarter worth approximately $29,000. BKM Wealth Management LLC bought a new position in Broadcom in the 4th quarter valued at approximately $29,000. Finally, Indiana Trust & Investment Management CO bought a new stake in shares of Broadcom during the third quarter worth $32,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Broadcom stock traded up $2.41 during midday trading on Thursday, reaching $1,321.14. 227,587 shares of the stock were exchanged, compared to its average volume of 3,067,519. The company’s fifty day moving average is $1,267.55 and its 200-day moving average is $1,061.46. 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 Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The firm has a market cap of $612.24 billion, a PE 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, 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 for the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter last year, the business posted $9.83 earnings per share. The firm’s revenue was up 34.2% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom Inc. will post 36.8 EPS for the current year.

Broadcom Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Summit Insights raised Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Barclays initiated coverage on shares of Broadcom in a research report on Wednesday, March 20th. They set an “overweight” rating and a $1,405.00 target price on the stock. Citigroup restated a “buy” rating and issued a $1,100.00 price target on shares of Broadcom in a research report on Monday, December 11th. Rosenblatt Securities reiterated a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a report on Thursday, March 21st. Finally, Susquehanna increased their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $1,230.18.

Insider Activity at Broadcom

In related news, CFO Kirsten M. Spears sold 2,500 shares of the 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 transaction, the chief financial officer now owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 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 owns 16,575 shares in the company, valued at $22,276,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the completion of the transaction, the chief financial officer now owns 26,880 shares in the company, valued at approximately $28,039,603.20. The disclosure for this sale can be found here. Insiders have sold 19,810 shares of company stock valued at $26,107,692 over the last three months. 2.00% of the stock is owned by corporate insiders.

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.