Fortitude Advisory Group L.L.C. Acquires 1,174 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fortitude Advisory Group L.L.C. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,983 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,174 shares during the quarter. Broadcom comprises 1.6% of Fortitude Advisory Group L.L.C.’s portfolio, making the stock its 12th biggest holding. Fortitude Advisory Group L.L.C.’s holdings in Broadcom were worth $2,267,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in AVGO. SlateStone Wealth LLC raised its position in shares of Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after purchasing an additional 47 shares during the period. True Wealth Design LLC grew its stake in Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after buying an additional 48 shares during the last quarter. DT Investment Partners LLC raised its holdings in Broadcom by 0.9% in the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer’s stock valued at $1,251,000 after acquiring an additional 50 shares during the period. Bfsg LLC lifted its position in Broadcom by 12.5% during the fourth quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock worth $105,000 after acquiring an additional 50 shares during the last quarter. Finally, Global Strategic Investment Solutions LLC lifted its position in Broadcom by 1.5% during the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock worth $782,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $252.10 on Tuesday. 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 has a market cap of $1.19 trillion, a PE ratio of 205.63, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The business’s 50-day moving average price is $214.93 and its two-hundred day moving average price is $210.47.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 EPS. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has approved a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer now owns 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 848,334 shares of company stock worth $163,560,669. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AVGO shares. Barclays upped their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Evercore ISI reaffirmed an “outperform” rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Mizuho lifted their target price on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. Finally, UBS Group upped their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Company 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.