Procyon Advisors LLC Acquires 57,155 Shares of Broadcom Inc. (NASDAQ:AVGO)

Procyon Advisors LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 910.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 63,431 shares of the semiconductor manufacturer’s stock after purchasing an additional 57,155 shares during the period. Procyon Advisors LLC’s holdings in Broadcom were worth $10,942,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Legend Financial Advisors Inc. boosted its position in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC purchased a new stake in shares of Broadcom in the first quarter worth $29,000. Delta Asset Management LLC TN increased its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of Broadcom in the first quarter worth $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth $43,000. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $172.32, for a total transaction of $3,446,400.00. Following the transaction, the chief executive officer now owns 1,151,910 shares in the company, valued at approximately $198,497,131.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 295,130 shares of company stock worth $50,646,622. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVGO. Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Morgan Stanley increased their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Mizuho increased their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Trading Up 0.5 %

Shares of NASDAQ AVGO opened at $182.31 on Tuesday. The business’s 50 day moving average is $163.72 and its two-hundred day moving average is $151.97. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $186.42. The stock has a market capitalization of $848.63 billion, a P/E ratio of 7.84, a PEG ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is currently 9.12%.

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.