Jim Cramer is Recommending These 5 Stocks in June

3. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 71 

Broadcom Inc. (NASDAQ:AVGO) is a semiconductor manufacturer. The former hedge fund manager gave the stock a Buy recommendation during the guest Interview segment of his show on June 7. Cramer noted that there were indications that inflation was peaking and this meant that “beaten-down tech stocks” might come back in vogue, since they offered growth at a reasonable price now. Cramer listed Broadcom as one of these stocks, along with ServiceNow and Salesforce. 

On May 27, Mizuho analyst Vijay Rakesh maintained a Buy rating on Broadcom Inc. (NASDAQ:AVGO) stock and raised the price target to $725 from $700, noting that the VMware acquisition by the firm could potentially unlock a 45% upside in the shares. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Cantillon Capital Management is a leading shareholder in Broadcom Inc. (NASDAQ:AVGO), with 1 million shares worth more than $652 million.

In its Q4 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Broadcom Inc. (NASDAQ:AVGO) was one of them. Here is what the fund said:

“However, ClearBridge portfolio companies are responding by supporting their workforces and showing resilience in adapting and thriving. Semiconductor companies ClearBridge owns and engages with have been successful in advancing vaccinations in their global supply chains. In Malaysia, for example, Broadcom Inc. (NASDAQ:AVGO) has taken part in PIKAS, a public-private partnership vaccination program focusing on the workforce in critical manufacturing sectors. By the summer of 2021 Broadcom Inc. (NASDAQ:AVGO) was able to get over 90% of workers in its Penang factory at least one dose of vaccine, and roughly 73% fully vaccinated. Companies in the program also pay the administration cost for vaccinations including cases where the employee is no longer employed by the company before full immunization of the employee.”