Channel Wealth LLC Buys 1,378 Shares of Broadcom Inc. (NASDAQ:AVGO)

Channel Wealth LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,783 shares of the semiconductor manufacturer's stock after purchasing an additional 1,378 shares during the period. Channel Wealth LLC's holdings in Broadcom were worth $2,810,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom in the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AVGO shares. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Mizuho lifted their price objective on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus price target of $246.00.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of AVGO stock traded down $1.15 on Thursday, reaching $259.93. The company had a trading volume of 41,745,758 shares, compared to its average volume of 30,914,786. The business's 50-day moving average is $200.31 and its 200 day moving average is $205.00. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.22 trillion, a PE ratio of 212.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.91%. Broadcom's dividend payout ratio (DPR) is 113.46%.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Broadcom Company 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.