Obama Stock Portfolio: 10 Year Returns

2. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 115

Trailing 10-Year Returns: 36.47%

Headquartered in California, Broadcom Inc. (NASDAQ:AVGO) holds a prominent position as a global semiconductor company, focusing on the design, development, and distribution of diverse products, including set-top box SoCs, networking equipment, and RF semiconductor devices.

Broadcom Inc. (NASDAQ:AVGO) recently reported impressive quarterly results, prompting several investment banks to raise their price targets. The chipmaker increased its forecast for annual revenue from AI-linked chips to $11 billion from $10 billion and revised its annual revenue and core profit projections upwards. Additionally, Broadcom Inc. (NASDAQ:AVGO) announced a 10-for-1 stock split, with the growing adoption of generative AI driving demand for Broadcom’s chips and networking tools supporting these intensive applications.

In light of this, Deutsche Bank raised its 12-month price target on AVGO to $1,900 from $1,400 and increased its EPS estimates while maintaining a ‘buy’ rating. Similarly, Goldman Sachs lifted Broadcom Inc. (NASDAQ:AVGO)’s 12-month price target to $1,850 from $1,550 and increased its FY2024-26 revenue and non-GAAP EPS estimates, on average, by 7% and 6%, respectively.

Insider Monkey’s database for the first quarter showcased a rise in bullish sentiment towards Broadcom Inc. (NASDAQ:AVGO), with 115 hedge funds expressing interest, compared to 91 funds in the previous quarter. Noteworthy among them, Rajiv Jain’s GQG Partners emerged as the company’s largest stakeholder, boasting holdings totaling 2.99 million shares valued at $3.96 billion.