Castle Rock Wealth Management LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 33.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,564 shares of the semiconductor manufacturer's stock after selling 11,740 shares during the quarter. Broadcom accounts for about 1.1% of Castle Rock Wealth Management LLC's investment portfolio, making the stock its 17th biggest position. Castle Rock Wealth Management LLC's holdings in Broadcom were worth $3,951,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Canton Hathaway LLC bought a new stake in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the fourth quarter valued at about $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
Broadcom Stock Performance
Shares of NASDAQ AVGO traded up $2.85 during midday trading on Wednesday, hitting $259.70. 19,129,461 shares of the company's stock were exchanged, compared to its average volume of 30,800,326. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock's 50 day moving average price is $198.47 and its 200-day moving average price is $204.62. The firm has a market cap of $1.22 trillion, a P/E ratio of 211.83, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.31.
Broadcom announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.
Analyst Ratings Changes
AVGO has been the subject of several research analyst reports. Mizuho boosted their price objective on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $246.00.
Check Out Our Latest Research Report on AVGO
Insider Transactions at Broadcom
In other news, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. 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. Company insiders own 2.00% of the company's stock.
Broadcom Profile
(
Free Report)
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.
Further Reading
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
