Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Texas Capital Bank Wealth Management Services Inc

Texas Capital Bank Wealth Management Services Inc lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 945.2% in the third quarter, HoldingsChannel reports. The firm owned 4,139 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,743 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in Broadcom were worth $714,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. State Street Corp lifted its stake in Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after acquiring an additional 166,844,263 shares during the last quarter. FMR LLC boosted its holdings in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares during the period. Jennison Associates LLC increased its stake in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after purchasing an additional 30,674,902 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 962.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock valued at $5,519,591,000 after purchasing an additional 28,985,434 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO opened at $170.47 on Friday. The firm has a market capitalization of $796.19 billion, a PE ratio of 148.23, a PEG ratio of 1.98 and a beta of 1.13. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company’s 50-day moving average is $172.87 and its 200-day moving average is $162.51.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AVGO shares. Rosenblatt Securities reduced their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Hsbc Global Res raised Broadcom to a “hold” rating in a research report on Tuesday. Benchmark reissued a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Finally, The Goldman Sachs Group upped their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $195.96.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by company insiders.

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.