Broadcom Inc. $AVGO Shares Sold by Castle Rock Wealth Management LLC

Key Points

• Castle Rock Wealth Management reduced its Broadcom position by 21.5% in the third quarter, selling 3,936 shares and retaining 14,357 shares valued at approximately $5.4 million. Institutional investors collectively own 76.43% of Broadcom.
• Broadcom reported strong quarterly results, with revenue rising 85.5% year over year to $29.59 billion and EPS of $3.32, beating analyst expectations. The company also declared a quarterly dividend of $0.65 per share, equivalent to a 0.7% yield.
• Analysts remain broadly optimistic, with 37 Buy ratings and an average price target of $527.20, while Broadcom’s custom AI-chip and networking initiatives—including potential financing for OpenAI chips—support expectations for continued AI-driven growth.

Castle Rock Wealth Management LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,357 shares of the semiconductor manufacturer's stock after selling 3,936 shares during the period. Broadcom accounts for approximately 1.0% of Castle Rock Wealth Management LLC's investment portfolio, making the stock its 21st biggest holding. Castle Rock Wealth Management LLC's holdings in Broadcom were worth $5,396,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Networth Advisors LLC increased its holdings in Broadcom by 546.2% in the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer's stock worth $26,000 after buying an additional 71 shares during the period. Core Capital Management & Research inc. acquired a new stake in Broadcom during the 2nd quarter valued at approximately $31,000. Harborfront Financial Group LLC acquired a new stake in Broadcom during the 2nd quarter valued at approximately $38,000. Coppell Advisory Solutions LLC acquired a new stake in shares of Broadcom in the second quarter worth $60,000. Finally, IMG Wealth Management Inc. acquired a new stake in shares of Broadcom in the second quarter worth $64,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom is reportedly arranging more than $50 billion in financing for custom AI chips being developed with OpenAI. Although discussions are preliminary, the potential project underscores the scale of expected demand for Broadcom’s custom silicon and could support substantial future revenue. Broadcom seeks more than $50 billion to finance OpenAI AI chips
• Positive Sentiment: At the OCP Global Summit, Broadcom highlighted new networking technologies designed to help hyperscalers scale AI clusters. The announcements reinforce its positioning in high-speed networking and custom AI infrastructure. Broadcom AI networking innovations
• Positive Sentiment: Record profits at Samsung and TSMC are being viewed as evidence that semiconductor demand and AI-related capital spending remain strong, a favorable backdrop for Broadcom’s chip and networking businesses. Record profits at Samsung and TSMC
• Positive Sentiment: Analysts and commentators continue to point to Broadcom’s rapid AI revenue growth and its roughly 24% decline from its 52-week high as a potential entry point, despite expectations for strong earnings growth. Broadcom is lagging the market

Broadcom Stock Performance

NASDAQ:AVGO opened at $361.54 on Friday. The stock has a market capitalization of $1.73 trillion, a P/E ratio of 46.17 and a beta of 1.46. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50. The company has a 50 day moving average price of $371.24 and a 200 day moving average price of $382.38. Broadcom Inc. has a fifty-two week low of $289.96 and a fifty-two week high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The business had revenue of $29.59 billion for the quarter, compared to analysts' expectations of $29.24 billion. During the same quarter in the prior year, the company earned $1.69 earnings per share. The business's quarterly revenue was up 85.5% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, September 21st. Broadcom's payout ratio is 33.21%.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. Truist Financial lowered their target price on Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a research note on Thursday, September 3rd. Bank of America dropped their target price on Broadcom from $530.00 to $460.00 and set a "buy" rating on the stock in a research report on Thursday, September 3rd. The Goldman Sachs Group lifted their price target on Broadcom from $525.00 to $540.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. DA Davidson set a $350.00 price target on Broadcom and gave the stock a "neutral" rating in a report on Friday, September 4th. Finally, Sanford C. Bernstein reissued a "buy" rating on shares of Broadcom in a research note on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, thirty-seven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and an average price target of $527.20.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops, and supplies semiconductor and infrastructure software products. Its semiconductor solutions support wired and wireless communications, data center networking, broadband access, storage, industrial applications, and other markets.

The company's semiconductor portfolio includes networking and switching products, custom application-specific integrated circuits, wireless connectivity components, radio-frequency devices, optical components, and storage-related solutions.

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