Channel Wealth LLC Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Channel Wealth LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 11.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,405 shares of the semiconductor manufacturer’s stock after buying an additional 1,571 shares during the quarter. Broadcom makes up approximately 1.2% of Channel Wealth LLC’s portfolio, making the stock its 25th largest holding. Channel Wealth LLC’s holdings in Broadcom were worth $3,572,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. NCP Inc. boosted its position in Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after acquiring an additional 400 shares during the last quarter. ProVise Management Group LLC purchased a new stake in shares of Broadcom in the second quarter valued at approximately $318,000. AE Wealth Management LLC increased its holdings in shares of Broadcom by 20.5% in the second quarter. AE Wealth Management LLC now owns 4,681 shares of the semiconductor manufacturer’s stock valued at $7,515,000 after purchasing an additional 797 shares during the last quarter. Pacer Advisors Inc. lifted its position in Broadcom by 1.4% during the second quarter. Pacer Advisors Inc. now owns 69,557 shares of the semiconductor manufacturer’s stock worth $111,676,000 after buying an additional 931 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of Broadcom by 9.8% during the 2nd quarter. Sei Investments Co. now owns 268,735 shares of the semiconductor manufacturer’s stock valued at $431,479,000 after acquiring an additional 23,949 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Benchmark reiterated a “buy” rating and issued a $255.00 price objective (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Morgan Stanley increased their price target on shares of Broadcom from $233.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. TD Cowen lifted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Robert W. Baird increased their target price on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Susquehanna boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $225.83.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $237.44 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.11 trillion, a P/E ratio of 193.67, a P/E/G ratio of 2.35 and a beta of 1.03. The stock has a 50 day moving average of $202.01 and a two-hundred day moving average of $178.14. Broadcom Inc. has a twelve month low of $112.19 and a twelve month high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.98 EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 192.50%.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total value of $9,279,200.00. Following the transaction, the insider now owns 696,730 shares in the company, valued at $161,627,425.40. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock valued at $44,964,800 over the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom 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.