Syon Capital LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Syon Capital LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 22.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 4,728 shares of the semiconductor manufacturer’s stock after acquiring an additional 853 shares during the quarter. Syon Capital LLC’s holdings in Broadcom were worth $5,278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. NJ State Employees Deferred Compensation Plan grew its holdings in shares of Broadcom by 28.7% during the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 936 shares of the semiconductor manufacturer’s stock valued at $1,045,000 after buying an additional 209 shares during the last quarter. Meritage Portfolio Management grew its holdings in shares of Broadcom by 20.9% during the fourth quarter. Meritage Portfolio Management now owns 34,428 shares of the semiconductor manufacturer’s stock valued at $38,430,000 after buying an additional 5,956 shares during the last quarter. Pittenger & Anderson Inc. grew its holdings in shares of Broadcom by 4.9% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,385 shares of the semiconductor manufacturer’s stock valued at $6,011,000 after buying an additional 252 shares during the last quarter. Corbyn Investment Management Inc. MD purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $241,000. Finally, Lyell Wealth Management LP grew its holdings in shares of Broadcom by 3.5% during the fourth quarter. Lyell Wealth Management LP now owns 1,577 shares of the semiconductor manufacturer’s stock valued at $1,760,000 after buying an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the transaction, the insider now owns 41,974 shares in the company, valued at approximately $55,257,092.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the sale, the insider now directly owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock valued at $40,306,667 over the last 90 days. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AVGO. Susquehanna increased their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. restated an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. UBS Group increased their price objective on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Stock Up 3.8 %

Shares of AVGO traded up $49.65 during mid-day trading on Friday, hitting $1,344.07. The company’s stock had a trading volume of 2,386,896 shares, compared to its average volume of 2,928,217. The company’s 50-day moving average is $1,304.73 and its 200-day moving average is $1,130.68. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The firm has a market capitalization of $622.87 billion, a price-to-earnings ratio of 49.65, a PEG ratio of 2.56 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the prior year, the company earned $9.83 EPS. The company’s revenue was up 34.2% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.56%. Broadcom’s payout ratio is 77.84%.

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.