Castle Rock Wealth Management LLC Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Castle Rock Wealth Management LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 33.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 23,564 shares of the semiconductor manufacturer’s stock after selling 11,740 shares during the quarter. Broadcom makes up about 1.1% of Castle Rock Wealth Management LLC’s holdings, making the stock its 17th largest holding. Castle Rock Wealth Management LLC’s holdings in Broadcom were worth $3,951,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AVGO. Norges Bank purchased a new stake in Broadcom during the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC lifted its position in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its position in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Bank of America decreased their target price on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Morgan Stanley increased their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Mizuho increased their target price on shares of Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays decreased their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Susquehanna raised their price target on shares of Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a report on Thursday. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.77.

Broadcom Stock Down 1.0%

NASDAQ:AVGO opened at $239.50 on Friday. The firm has a market capitalization of $1.13 trillion, a P/E ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The company’s fifty day moving average price is $195.38 and its 200-day moving average price is $203.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. Broadcom’s payout ratio is currently 113.46%.

Broadcom announced that its board has approved a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by company insiders.

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.