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

Hodges Capital Management Inc. raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 4,440.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,470 shares of the semiconductor manufacturer’s stock after buying an additional 24,909 shares during the quarter. Hodges Capital Management Inc.’s holdings in Broadcom were worth $4,394,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. State Street Corp lifted its position in Broadcom by 948.5% in the 3rd 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 in the last quarter. FMR LLC lifted its holdings in shares of Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after buying an additional 32,178,542 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Broadcom by 975.4% during the third 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 buying an additional 30,674,902 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Broadcom by 962.3% in 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 buying an additional 28,985,434 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of a number of recent research reports. Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. UBS Group lifted their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, Hsbc Global Res raised Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Activity at Broadcom

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

Broadcom Stock Up 5.3 %

Shares of AVGO opened at $179.53 on Friday. The firm has a market cap of $838.51 billion, a P/E ratio of 155.98, a price-to-earnings-growth ratio of 2.01 and a beta of 1.13. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 52 week low of $90.36 and a 52 week high of $186.42. The firm’s 50-day simple moving average is $173.01 and its 200 day simple moving average is $162.79.

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

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.