Fortis Capital Management LLC Has $10.77 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Fortis Capital Management LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,459 shares of the semiconductor manufacturer’s stock after selling 933 shares during the period. Broadcom makes up 2.0% of Fortis Capital Management LLC’s investment portfolio, making the stock its 9th largest holding. Fortis Capital Management LLC’s holdings in Broadcom were worth $10,771,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Pin Oak Investment Advisors Inc. increased its position in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. Canton Hathaway LLC bought a new position in shares of Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at $26,000. JDM Financial Group LLC raised its position in shares of Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares during the last quarter. Finally, Bellevue Asset Management LLC purchased a new stake in Broadcom during the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $191.66 on Friday. The stock has a 50-day simple moving average of $214.38 and a two-hundred day simple moving average of $195.08. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The firm has a market capitalization of $901.18 billion, a PE ratio of 156.33, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is 113.46%.

Insider Buying and Selling

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the completion of the transaction, the director now directly owns 6,460 shares of the company’s stock, valued at $1,464,352.80. This represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,168 shares of company stock valued at $40,508,877. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Deutsche Bank Aktiengesellschaft upped their price objective on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Susquehanna lifted their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Piper Sandler upped their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, TD Cowen increased their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

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.