Texas Capital Bank Wealth Management Services Inc grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 51.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,843 shares of the semiconductor manufacturer's stock after acquiring an additional 2,320 shares during the quarter. Texas Capital Bank Wealth Management Services Inc's holdings in Broadcom were worth $1,146,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Colonial Trust Advisors grew its stake in Broadcom by 161.4% during the 1st quarter. Colonial Trust Advisors now owns 8,376 shares of the semiconductor manufacturer's stock worth $1,402,000 after buying an additional 5,172 shares during the last quarter. Senator Investment Group LP purchased a new position in Broadcom during the 1st quarter worth $29,759,000. GSG Advisors LLC grew its stake in Broadcom by 19.4% during the 1st quarter. GSG Advisors LLC now owns 4,839 shares of the semiconductor manufacturer's stock worth $896,000 after buying an additional 786 shares during the last quarter. M Holdings Securities Inc. lifted its position in Broadcom by 13.6% during the 1st quarter. M Holdings Securities Inc. now owns 16,138 shares of the semiconductor manufacturer's stock worth $2,702,000 after acquiring an additional 1,934 shares during the period. Finally, Quantbot Technologies LP lifted its position in Broadcom by 80.1% during the 1st quarter. Quantbot Technologies LP now owns 42,728 shares of the semiconductor manufacturer's stock worth $7,154,000 after acquiring an additional 19,008 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have commented on AVGO shares. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Barclays lifted their price target on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus price target of $295.96.
View Our Latest Analysis on AVGO
Insider Buying and Selling
In related news, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,286,457 in the last ninety days. Company insiders own 2.00% of the company's stock.
Broadcom Price Performance
AVGO stock opened at $305.76 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business has a 50 day simple moving average of $279.50 and a 200-day simple moving average of $230.48. The firm has a market capitalization of $1.44 trillion, a PE ratio of 114.52, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $317.35.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business posted $10.96 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.
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.
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