Fortis Capital Management LLC Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Fortis Capital Management LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,029.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,392 shares of the semiconductor manufacturer's stock after acquiring an additional 43,195 shares during the period. Broadcom accounts for approximately 1.6% of Fortis Capital Management LLC's holdings, making the stock its 10th biggest holding. Fortis Capital Management LLC's holdings in Broadcom were worth $8,175,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Castleview Partners LLC boosted its holdings in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 134 shares in the last quarter. Delta Asset Management LLC TN boosted its stake in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after acquiring an additional 17 shares in the last quarter. Tsfg LLC grew its holdings in Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after purchasing an additional 204 shares during the period. Krane Funds Advisors LLC bought a new stake in shares of Broadcom in the 3rd quarter worth approximately $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Broadcom in the 3rd quarter worth approximately $45,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the company's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. StockNews.com downgraded Broadcom from a "buy" rating to a "hold" rating in a report on Tuesday, July 23rd. Rosenblatt Securities cut their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research report on Friday, September 6th. Truist Financial upped their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. Benchmark reissued a "buy" rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Finally, JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Two research 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.

Broadcom Trading Down 3.3 %

NASDAQ:AVGO traded down $5.54 during midday trading on Friday, hitting $164.84. 20,836,160 shares of the company traded hands, compared to its average volume of 17,858,028. 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 firm's fifty day moving average is $172.84 and its 200-day moving average is $159.35. The firm has a market capitalization of $769.90 billion, a P/E ratio of 143.21, a P/E/G ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. During the same period in the previous year, the company earned $0.95 EPS. The firm's revenue for the quarter was up 47.3% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is presently 184.19%.

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.