Hodges Capital Management Inc. Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Hodges Capital Management Inc. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 27,398 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,928 shares during the period. Hodges Capital Management Inc.’s holdings in Broadcom were worth $6,352,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. AMF Tjanstepension AB grew its holdings in shares of Broadcom by 856.9% during the third quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock valued at $175,101,000 after buying an additional 908,585 shares during the last quarter. Alpha Financial Partners LLC bought a new position in Broadcom in the 3rd quarter valued at approximately $404,000. Bath Savings Trust Co boosted its stake in Broadcom by 893.5% during the 3rd quarter. Bath Savings Trust Co now owns 1,520 shares of the semiconductor manufacturer’s stock valued at $262,000 after purchasing an additional 1,367 shares during the last quarter. Axiom Advisory LLC raised its stake in shares of Broadcom by 787.3% in the third quarter. Axiom Advisory LLC now owns 3,354 shares of the semiconductor manufacturer’s stock worth $616,000 after purchasing an additional 2,976 shares during the last quarter. Finally, Atomi Financial Group Inc. lifted its holdings in shares of Broadcom by 772.0% during the third quarter. Atomi Financial Group Inc. now owns 43,505 shares of the semiconductor manufacturer’s stock valued at $7,505,000 after purchasing an additional 38,516 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Shares of Broadcom stock opened at $232.00 on Thursday. The company has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 189.23, a PEG ratio of 2.31 and a beta of 1.02. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock’s 50-day simple moving average is $215.62 and its 200-day simple moving average is $183.06. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 EPS. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is currently 192.50%.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the sale, the insider now directly owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This represents a 5.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Diane M. Bryant sold 15,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the completion of the transaction, the director now directly owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on AVGO shares. Barclays lifted their price objective on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Citigroup lifted their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Bank of America increased their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Piper Sandler raised their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $225.04.

Broadcom 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.