5 Best Tech Stocks To Buy Now According To Billionaire Steve Cohen

04. Broadcom Inc. (NASDAQ:AVGO)

Point72 Asset Management’s Stake Value: $162.022 million

Percentage of Point72 Asset Management’s 13F Portfolio: 0.68%

Number of Hedge Fund Holders: 66

Point72 increased its stake in Broadcom Inc. (NASDAQ:AVGO) as well by 26%, holding 333,509 of its shares, valued $162.2 million. Ken Fisher’s Fisher Asset Management is the largest shareholder of AVGO, holding 1.47 million of its shares worth roughly $716.29 million. Broadcom Inc (NASDAQ:AVGO) announced its latest quarterly earnings on September 1, reporting an EPS of $9.73, beating the market consensus by $0.18 and actual revenue of $8.46 billion, beating the estimate by $57.49 million. The company also generated $4.2 billion in free cash flow during the quarter, which smoothly covered its dividend payments of $1.7 billion. AVGO holds an 11-year track record of dividend growth. It pays a quarterly dividend of $4.10 per share, and its shares have a yield of 3.29%, as of September 7.

On September 2, William Stein, an analyst at Truist, decreased his price target for Broadcom from $658 to $630 while maintaining a Buy recommendation for the stock. Despite the recent unfavorable tech data points, the company had another fantastic quarter with above-consensus forecasts and excellent messaging surrounding the supply chain, the analyst tells investors in a research note. According to Stein, investors should purchase Broadcom stock because of its 3.3% dividend yield, his prediction of a 20% dividend increase this year, and the advantages of M&A.