Proem Advisors LLC Acquires 10,000 Shares of Broadcom Inc. $AVGO

Proem Advisors LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 16.7% during the 3rd quarter, Holdings Channel reports. The firm owned 70,000 shares of the semiconductor manufacturer’s stock after acquiring an additional 10,000 shares during the period. Broadcom makes up 2.5% of Proem Advisors LLC’s holdings, making the stock its 10th biggest holding. Proem Advisors LLC’s holdings in Broadcom were worth $23,094,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after buying an additional 6,222,802 shares in the last quarter. State Street Corp increased its position in shares of Broadcom by 0.5% in the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after acquiring an additional 873,963 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after purchasing an additional 2,226,585 shares during the last quarter. Norges Bank acquired a new stake in shares of Broadcom in the 2nd quarter valued at approximately $18,579,549,000. Finally, Invesco Ltd. grew its stake in shares of Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after buying an additional 2,978,768 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 0.1%

Shares of NASDAQ:AVGO opened at $333.24 on Thursday. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61. The firm has a fifty day moving average price of $356.26 and a two-hundred day moving average price of $336.89. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The company has a market cap of $1.58 trillion, a price-to-earnings ratio of 70.01, a PEG ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the business earned $1.42 earnings per share. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a $0.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s payout ratio is presently 54.62%.

Wall Street Analyst Weigh In

AVGO has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Royal Bank Of Canada started coverage on Broadcom in a report on Wednesday, January 14th. They issued a “sector perform” rating and a $370.00 price objective on the stock. Raymond James Financial set a $420.00 price objective on Broadcom and gave the company an “outperform” rating in a report on Thursday, November 20th. Rosenblatt Securities increased their price target on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Tuesday, December 9th. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $438.61.

Insider Activity

In other news, Director Harry L. You bought 1,000 shares of Broadcom stock in a transaction on Thursday, December 18th. The shares were purchased at an average price of $325.13 per share, for a total transaction of $325,130.00. Following the acquisition, the director owned 36,602 shares of the company’s stock, valued at approximately $11,900,408.26. The trade was a 2.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 1,928 shares of the stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the completion of the transaction, the insider owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This trade represents a 7.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 779,901 shares of company stock valued at $284,069,237. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.