Castle Wealth Management LLC Has $1.81 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Castle Wealth Management LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 1,115.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,503 shares of the semiconductor manufacturer’s stock after purchasing an additional 9,639 shares during the quarter. Castle Wealth Management LLC’s holdings in Broadcom were worth $1,812,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Delta Asset Management LLC TN boosted its stake in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the last quarter. Clear Point Advisors Inc. lifted its holdings in shares of Broadcom by 310.0% in the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after purchasing an additional 31 shares in the last quarter. Indiana Trust & Investment Management CO boosted its position in shares of Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after buying an additional 15 shares during the last quarter. Creekmur Asset Management LLC grew its holdings in Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after buying an additional 35 shares in the last quarter. Finally, Kiely Wealth Advisory Group Inc. purchased a new stake in Broadcom in the 2nd quarter valued at $128,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Broadcom stock opened at $183.64 on Friday. The stock has a market cap of $857.71 billion, a price-to-earnings ratio of 159.55, a PEG ratio of 2.11 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The business has a 50-day simple moving average of $170.75 and a 200 day simple moving average of $157.78. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. On average, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.15%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.19%.

Analysts Set New Price Targets

A number of research firms have issued reports on AVGO. Benchmark reaffirmed a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $192.79.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

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.