Castle Rock Wealth Management LLC Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Castle Rock Wealth Management LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,304 shares of the semiconductor manufacturer's stock after selling 4,528 shares during the period. Broadcom comprises about 2.0% of Castle Rock Wealth Management LLC's portfolio, making the stock its 11th largest position. Castle Rock Wealth Management LLC's holdings in Broadcom were worth $8,227,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at 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. purchased a new position in shares of Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated 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 in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

AVGO has been the subject of several recent analyst reports. Mizuho raised their target price on shares of Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Citigroup reduced their target price on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. KeyCorp increased their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Finally, Barclays dropped their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $234.15.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $3.78 during trading on Wednesday, reaching $239.43. 20,260,131 shares of the company traded hands, compared to its average volume of 31,045,413. The stock has a market cap of $1.13 trillion, a P/E ratio of 195.30, a PEG ratio of 2.29 and a beta of 1.04. The firm's fifty day simple moving average is $192.39 and its 200 day simple moving average is $202.10. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $251.88.

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

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.