Procyon Advisors LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Procyon Advisors LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,003 shares of the semiconductor manufacturer's stock after buying an additional 1,557 shares during the period. Procyon Advisors LLC's holdings in Broadcom were worth $11,218,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after acquiring an additional 18,845 shares in the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares during the period. Kovack Advisors Inc. lifted its holdings in shares of Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after buying an additional 2,570 shares during the period. SOA Wealth Advisors LLC. lifted its holdings in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after buying an additional 355 shares during the period. Finally, Coppell Advisory Solutions LLC lifted its holdings in shares of Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after buying an additional 86,884 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research analyst reports. Barclays lowered their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Rosenblatt Securities increased their price target on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. Finally, JPMorgan Chase & Co. raised their target price on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday. Two analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $270.25.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $12.98 during mid-day trading on Friday, hitting $246.95. The stock had a trading volume of 41,055,118 shares, compared to its average volume of 30,998,721. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market cap of $1.16 trillion, a PE ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The company has a 50 day moving average of $203.73 and a two-hundred day moving average of $206.22.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the company earned $10.96 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is 113.46%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated 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 transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by 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.