Narwhal Capital Management grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 56.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. SlateStone Wealth LLC raised its holdings in shares of Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC boosted its stake in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares in the last quarter. Global Strategic Investment Solutions LLC increased its holdings in Broadcom by 1.5% during the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock valued at $782,000 after buying an additional 50 shares during the period. Cascade Financial Partners LLC raised its stake in Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock worth $668,000 after buying an additional 50 shares in the last quarter. Finally, Samalin Investment Counsel LLC lifted its holdings in Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after buying an additional 50 shares during the period. Institutional investors own 76.43% of the company's stock.
Broadcom Stock Performance
AVGO stock traded up $0.88 during midday trading on Wednesday, reaching $264.65. The stock had a trading volume of 18,860,226 shares, compared to its average volume of 29,176,002. The firm has a fifty day simple moving average of $225.48 and a two-hundred day simple moving average of $213.98. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $269.87. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a market cap of $1.24 trillion, a PE ratio of 99.12, a P/E/G ratio of 1.88 and a beta of 1.11.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates 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 period in the prior year, the company earned $10.96 earnings per share. The company's revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom declared that its Board of Directors has initiated a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.89%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Insiders Place Their Bets
In other news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider now owns 415,956 shares of the company's stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $262.17, for a total value of $10,486,800.00. Following the completion of the sale, the chief executive officer now owns 974,152 shares in the company, valued at $255,393,429.84. The trade was a 3.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 301,468 shares of company stock valued at $74,670,250. 2.00% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on AVGO. Benchmark increased their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Mizuho upped their price objective on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. lifted their target price on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Barclays boosted their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $281.25.
Check Out Our Latest Research Report on Broadcom
About Broadcom
(
Free Report)
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.
Further Reading
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
