Fortitude Advisory Group L.L.C. Raises Stake in Broadcom Inc. $AVGO

Fortitude Advisory Group L.L.C. lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 11.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,940 shares of the semiconductor manufacturer’s stock after buying an additional 1,591 shares during the period. Broadcom comprises 2.3% of Fortitude Advisory Group L.L.C.’s portfolio, making the stock its 8th largest holding. Fortitude Advisory Group L.L.C.’s holdings in Broadcom were worth $5,517,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. ROSS JOHNSON & Associates LLC lifted its stake in shares of Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 66 shares in the last quarter. SWAN Capital LLC lifted its position in Broadcom by 261.9% during the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 55 shares during the period. Miller Global Investments LLC bought a new position in Broadcom during the fourth quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. bought a new position in Broadcom during the fourth quarter valued at approximately $33,000. Finally, Family CFO Inc bought a new position in Broadcom during the fourth quarter valued at approximately $35,000. Institutional investors own 76.43% of the company’s stock.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s quarterly results were very strong, with revenue up 48% to a record $22.2 billion, semiconductor revenue up 79%, AI semiconductor revenue up 143% to $10.8 billion, and more than $30 billion in AI bookings, suggesting demand remains robust. Article Title
• Positive Sentiment: Several analysts and commentators argue the recent drop could be a buying opportunity, saying Broadcom remains a core infrastructure winner in AI and that Wall Street’s long-term outlook is still constructive. Article Title
• Positive Sentiment: Fresh coverage highlighted Broadcom as one of the stocks with catalysts heading into the second half of the year, and some analysts have raised earnings forecasts and price targets despite the selloff. Article Title
• Neutral Sentiment: Jim Cramer said Broadcom’s earnings were “not good” and suggested tech stocks are harder to trust as leadership names, reflecting a more cautious market mood around the stock. Article Title
• Neutral Sentiment: Broadcom also announced cash tender offers for certain outstanding debt securities, a routine balance-sheet move that is unlikely to move the stock by itself. Article Title
• Negative Sentiment: Market commentary says the stock is being punished because investors are nitpicking Broadcom’s AI outlook and pricing the shares as if growth must keep accelerating without any hiccups. Article Title
• Negative Sentiment: One note warned that Broadcom told investors to expect gross profit margins to continue falling, reinforcing concerns that profitability may soften even as revenue grows. Article Title

Broadcom Price Performance

AVGO opened at $382.07 on Monday. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 1-year low of $244.17 and a 1-year high of $495.00. The company has a market capitalization of $1.82 trillion, a PE ratio of 63.68, a PEG ratio of 0.67 and a beta of 1.41. The firm’s 50 day simple moving average is $404.26 and its two-hundred day simple moving average is $363.22.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. During the same period last year, the firm earned $1.58 earnings per share. The company’s quarterly revenue was up 47.9% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be given a $0.65 dividend. The ex-dividend date is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. UBS Group set a $485.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research report on Thursday, June 4th. Wall Street Zen upgraded shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Monday. Royal Bank Of Canada increased their price objective on shares of Broadcom from $360.00 to $400.00 and gave the company a “sector perform” rating in a research report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on shares of Broadcom and gave the company an “overweight” rating in a research report on Thursday, June 4th. Finally, Truist Financial increased their price objective on shares of Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $490.13.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 2,018 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total value of $712,354.00. Following the transaction, the director directly owned 18,164 shares in the company, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 39,116 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.61, for a total transaction of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares in the company, valued at $24,000,467.86. The trade was a 34.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 215,970 shares of company stock valued at $71,104,945. 1.90% of the stock is currently owned by corporate insiders.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.