Narwhal Capital Management Has $10.27 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Narwhal Capital Management lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 56.2% during the first quarter, Holdings Channel reports. The fund owned 61,333 shares of the semiconductor manufacturer’s stock after acquiring an additional 22,078 shares during the quarter. Narwhal Capital Management’s holdings in Broadcom were worth $10,269,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Broadcom during the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC boosted its holdings in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. GQG Partners LLC raised its holdings in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. lifted its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer now owns 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 875,444 shares of company stock valued at $172,097,492. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. Truist Financial set a $295.00 price target on Broadcom and gave the company a “buy” rating in a research report on Friday, June 6th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Wells Fargo & Company increased their price objective on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research report on Friday, June 6th. Finally, KeyCorp boosted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $276.09.

Broadcom Stock Up 1.5%

NASDAQ AVGO opened at $253.77 on Tuesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a market capitalization of $1.19 trillion, a price-to-earnings ratio of 95.04, a PEG ratio of 1.78 and a beta of 1.11. The stock’s 50 day moving average is $221.98 and its two-hundred day moving average is $213.28. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last announced 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 return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 EPS. Broadcom’s quarterly revenue was up 20.2% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. Broadcom’s dividend payout ratio is presently 88.39%.

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.