Fortitude Family Office LLC Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Fortitude Family Office LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,045.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,780 shares of the semiconductor manufacturer’s stock after buying an additional 3,450 shares during the quarter. Fortitude Family Office LLC’s holdings in Broadcom were worth $652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Trail Ridge Investment Advisors LLC grew its stake in Broadcom by 862.7% during the 3rd quarter. Trail Ridge Investment Advisors LLC now owns 5,863 shares of the semiconductor manufacturer’s stock worth $1,017,000 after buying an additional 5,254 shares during the last quarter. Gateway Wealth Partners LLC grew its stake in Broadcom by 1,078.0% during the 3rd quarter. Gateway Wealth Partners LLC now owns 2,038 shares of the semiconductor manufacturer’s stock worth $352,000 after buying an additional 1,865 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Broadcom by 1,238.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 151,370 shares of the semiconductor manufacturer’s stock worth $26,111,000 after buying an additional 140,061 shares during the last quarter. Boston Financial Mangement LLC grew its stake in Broadcom by 702.3% during the 3rd quarter. Boston Financial Mangement LLC now owns 76,615 shares of the semiconductor manufacturer’s stock worth $13,216,000 after buying an additional 67,066 shares during the last quarter. Finally, Traynor Capital Management Inc. grew its stake in Broadcom by 1,485.2% during the 3rd quarter. Traynor Capital Management Inc. now owns 133,191 shares of the semiconductor manufacturer’s stock worth $22,975,000 after buying an additional 124,789 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $168.92 on Friday. The stock has a market capitalization of $788.95 billion, a price-to-earnings ratio of 146.76, a PEG ratio of 2.84 and a beta of 1.17. Broadcom Inc. has a twelve month low of $86.00 and a twelve month high of $186.42. 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 stock has a 50-day moving average of $168.94 and a 200 day moving average of $156.03.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.26%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is 184.19%.

Analyst Ratings Changes

Several brokerages recently weighed in on AVGO. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Mizuho boosted their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Cantor Fitzgerald boosted their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued 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 $191.54.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom 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 transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

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.