Hodges Capital Management Inc. Purchases 24,909 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hodges Capital Management Inc. boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4,440.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,470 shares of the semiconductor manufacturer’s stock after purchasing an additional 24,909 shares during the period. Hodges Capital Management Inc.’s holdings in Broadcom were worth $4,394,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. First National Bank of Omaha boosted its stake in shares of Broadcom by 900.0% in the 3rd quarter. First National Bank of Omaha now owns 2,680 shares of the semiconductor manufacturer’s stock valued at $462,000 after purchasing an additional 2,412 shares in the last quarter. Montchanin Asset Management LLC acquired a new stake in Broadcom in the third quarter valued at approximately $1,484,000. K2 Principal Fund L.P. grew its stake in shares of Broadcom by 480.8% during the third quarter. K2 Principal Fund L.P. now owns 8,131 shares of the semiconductor manufacturer’s stock worth $1,403,000 after buying an additional 6,731 shares during the last quarter. Dean Investment Associates LLC increased its holdings in shares of Broadcom by 814.2% during the third quarter. Dean Investment Associates LLC now owns 3,410 shares of the semiconductor manufacturer’s stock worth $588,000 after buying an additional 3,037 shares in the last quarter. Finally, Legacy Investment Solutions LLC bought a new position in shares of Broadcom in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Truist Financial upped their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group boosted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $195.96.

Broadcom Stock Performance

Shares of AVGO opened at $179.53 on Friday. Broadcom Inc. has a one year low of $90.36 and a one year high of $186.42. The company has a market cap of $838.51 billion, a PE ratio of 155.98, a P/E/G ratio of 2.01 and a beta of 1.13. The stock has a 50-day moving average of $173.01 and a 200-day moving average of $162.79. 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 (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the firm posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Company 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.