Resources Management Corp CT ADV Buys 67,864 Shares of Broadcom Inc. (NASDAQ:AVGO)

Resources Management Corp CT ADV raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 926.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,188 shares of the semiconductor manufacturer’s stock after acquiring an additional 67,864 shares during the period. Broadcom comprises approximately 1.7% of Resources Management Corp CT ADV’s investment portfolio, making the stock its 13th largest holding. Resources Management Corp CT ADV’s holdings in Broadcom were worth $12,970,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of AVGO. Castleview Partners LLC grew its stake in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 134 shares during the period. Pin Oak Investment Advisors Inc. boosted its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 135 shares during the last quarter. Tsfg LLC grew its position in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after buying an additional 204 shares during the period. Cedar Wealth Management LLC increased its holdings in Broadcom by 900.0% during the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after buying an additional 216 shares during the last quarter. Finally, Krane Funds Advisors LLC bought a new stake in Broadcom in the third quarter worth about $42,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Down 0.3 %

Shares of NASDAQ AVGO opened at $178.94 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The business has a 50-day moving average of $173.14 and a 200-day moving average of $163.05. The firm has a market capitalization of $835.75 billion, a price-to-earnings ratio of 155.60, a PEG ratio of 2.11 and a beta of 1.13. Broadcom Inc. has a 12 month low of $95.61 and a 12 month high of $186.42.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AVGO shares. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley raised their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Truist Financial upped their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Cantor Fitzgerald boosted their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

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.