Hodges Capital Management Inc. Sells 8,351 Shares of Broadcom Inc. $AVGO

Key Points

• Hodges Capital Management Inc. reduced its stake in Broadcom Inc. by 30.5%, selling 8,351 shares and owning 19,047 shares valued at approximately $3.19 million as of the latest report.
• Several institutional investors recently acquired positions in Broadcom, underscoring that entire 76.43% of the company's stock is currently held by institutional investors.
• Analysts have boosted Broadcom's price targets significantly, with Bank of America and KeyCorp increasing their targets to $400, while the average price target is now $351.92 with a consensus rating of "Buy".

Hodges Capital Management Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,047 shares of the semiconductor manufacturer's stock after selling 8,351 shares during the quarter. Hodges Capital Management Inc.'s holdings in Broadcom were worth $3,189,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the first quarter valued at approximately $25,000. Cheviot Value Management LLC bought a new position in Broadcom in the first quarter valued at approximately $25,000. Inlight Wealth Management LLC bought a new position in Broadcom in the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at approximately $30,000. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Bank of America lifted their price target on shares of Broadcom from $300.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, September 5th. KeyCorp boosted their price objective on shares of Broadcom from $330.00 to $400.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. Finally, Benchmark raised their target price on shares of Broadcom from $315.00 to $385.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $351.92.

Broadcom Stock Performance

NASDAQ AVGO opened at $359.63 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. The firm's fifty day moving average price is $298.61 and its two-hundred day moving average price is $240.90. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $374.23. The firm has a market capitalization of $1.69 trillion, a P/E ratio of 91.74, a price-to-earnings-growth ratio of 2.04 and a beta of 1.16.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.03. The company had revenue of $15.95 billion for the quarter, compared to analyst estimates of $15.82 billion. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The company's revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 earnings per share. Broadcom has set its Q4 2025 guidance at EPS. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 22nd will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, September 22nd. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. Broadcom's payout ratio is presently 60.20%.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $307.46, for a total transaction of $245,968.00. Following the sale, the director directly owned 23,782 shares of the company's stock, valued at $7,312,013.72. The trade was a 3.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 3,550 shares of company stock worth $1,227,869 and have sold 702,758 shares worth $184,975,481. 2.00% of the stock is currently owned by corporate 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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.