Procyon Advisors LLC Reduces Stock Position in Broadcom Inc. $AVGO

Key Points

• Procyon Advisors LLC trimmed its Broadcom stake by 3.7% in the first quarter, selling 1,498 shares and leaving it with 39,230 shares valued at about $12.1 million.
• Broadcom’s latest quarterly results beat expectations, with EPS of $2.44 versus $2.40 expected and revenue of $22.19 billion, up 47.9% year over year.
• Wall Street remains largely constructive on AVGO, with multiple analysts raising targets and an average price target of $493.24, while the stock also carries continued optimism around its AI growth and Apple partnership.

Procyon Advisors LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,230 shares of the semiconductor manufacturer's stock after selling 1,498 shares during the period. Procyon Advisors LLC's holdings in Broadcom were worth $12,142,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in AVGO. Brighton Jones LLC increased its stake in Broadcom by 21.8% during the fourth 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. Revolve Wealth Partners LLC raised its position in Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. United Bank lifted its stake in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after purchasing an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in shares of Broadcom by 10.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock valued at $3,499,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC boosted its holdings in shares of Broadcom by 10.5% in the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock worth $1,098,000 after purchasing an additional 378 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 1.3%

Shares of NASDAQ AVGO opened at $394.28 on Thursday. Broadcom Inc. has a fifty-two week low of $273.00 and a fifty-two week high of $495.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. The company has a market cap of $1.88 trillion, a price-to-earnings ratio of 65.71, a PEG ratio of 0.68 and a beta of 1.45. The business's 50 day moving average price is $403.23 and its 200-day moving average price is $365.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.Broadcom's revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.58 EPS. On average, sell-side analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom's payout ratio is currently 43.33%.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom is being viewed as a major AI infrastructure winner, with recent coverage highlighting its accelerating AI revenue, record bookings, and strong customer partnerships. Snowflake vs. Broadcom: Which Enterprise AI Stock Is the Smarter Buy?
• Positive Sentiment: Wall Street commentary says Broadcom’s Apple agreement through 2031 is strategically positive and supports a durable revenue stream from custom chips and connectivity components. Why Broadcom (AVGO) Is Reinforcing Its Long-Term Growth With an Extended Apple Chip Partnership Through 2031
• Positive Sentiment: Analysts remain upbeat on Broadcom, with reports pointing to roughly 32.8% implied upside from the average price target and improving earnings estimate revisions. Wall Street Analysts See a 32.76% Upside in Broadcom Inc. (AVGO): Can the Stock Really Move This High?
• Positive Sentiment: Morgan Stanley called Broadcom a “core AI winner,” reinforcing the view that AVGO remains one of the main beneficiaries of AI spending. Broadcom is a 'core AI winner,' even as MediaTek encroaches, Morgan Stanley says
• Neutral Sentiment: Broadcom is also drawing heavy investor attention, which keeps the stock in focus but does not by itself change fundamentals. Broadcom Inc. (AVGO) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Sentiment was tempered by reports that Broadcom executives sold shares, which can raise caution even though insider sales do not necessarily signal a business problem. Broadcom Executive Sells $10 Million in AVGO Stock. Is the Insider Sale a Warning Sign?
• Negative Sentiment: Reuters reported that five cloud business groups are urging EU regulators to suspend some Broadcom practices, adding a regulatory overhang to the name. Five cloud business groups urge EU interim measures against Broadcom

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on AVGO shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $515.00 target price (up from $430.00) on shares of Broadcom in a research report on Thursday, June 4th. Erste Group Bank restated a "hold" rating on shares of Broadcom in a research report on Tuesday, July 7th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $525.00 price objective on shares of Broadcom in a research note on Thursday, June 4th. Susquehanna reiterated a "positive" rating and set a $490.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, May 28th. Finally, KeyCorp reissued an "overweight" rating and issued a $575.00 target price (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $493.24.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 1,890 shares of Broadcom stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total transaction of $728,368.20. Following the completion of the sale, the director owned 31,326 shares in the company, valued at $12,072,413.88. This trade represents a 5.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 1,602 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $373.86, for a total transaction of $598,923.72. Following the completion of the transaction, the director owned 17,426 shares in the company, valued at $6,514,884.36. This represents a 8.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 61,644 shares of company stock valued at $24,016,214. Company insiders own 1.90% of the company's stock.

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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