Channel Wealth LLC Has $3.26 Million Stock Holdings in Broadcom Inc. $AVGO

Channel Wealth LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 18.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 9,871 shares of the semiconductor manufacturer’s stock after selling 2,236 shares during the period. Channel Wealth LLC’s holdings in Broadcom were worth $3,257,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Sawyer & Company Inc boosted its stake in Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at approximately $27,000. Legend Financial Advisors Inc. bought a new stake in shares of Broadcom during the second quarter worth $28,000. Teachers Insurance & Annuity Association of America bought a new stake in shares of Broadcom in the second quarter valued at about $28,000. Finally, LGT Financial Advisors LLC bought a new position in shares of Broadcom during the second quarter worth about $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 24,527 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $340.91, for a total transaction of $8,361,499.57. Following the completion of the sale, the insider owned 304,775 shares of the company’s stock, valued at approximately $103,900,845.25. This represents a 7.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 1,928 shares of Broadcom stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $327.80, for a total transaction of $631,998.40. Following the completion of the transaction, the insider directly owned 23,582 shares in the company, valued at $7,730,179.60. This trade represents a 7.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 825,296 shares of company stock valued at $299,151,975 over the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Stock Up 1.2%

Shares of AVGO opened at $329.88 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The firm’s 50 day moving average is $362.66 and its 200-day moving average is $320.02. The stock has a market capitalization of $1.56 trillion, a PE ratio of 69.30, a P/E/G ratio of 1.09 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same quarter in the prior year, the business posted $1.42 earnings per share. The firm’s quarterly revenue was up 28.2% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s payout ratio is presently 49.58%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research reports. Susquehanna restated a “positive” rating and issued a $450.00 target price (up previously from $400.00) on shares of Broadcom in a research note on Thursday, December 4th. Wells Fargo & Company boosted their target price on Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a report on Friday, September 5th. Robert W. Baird set a $420.00 price target on shares of Broadcom in a report on Friday, December 12th. Citigroup restated a “buy” rating and set a $480.00 price objective (up from $415.00) on shares of Broadcom in a research report on Friday, December 12th. Finally, Bank of America upped their target price on Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $435.96.

About Broadcom

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.