PNC Financial Services Group Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 8.7% in the 2nd quarter, Holdings Channel reports. The firm owned 524,049 shares of the semiconductor manufacturer’s stock after selling 49,649 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Broadcom were worth $454,576,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Bank Julius Baer & Co. Ltd Zurich boosted its position in Broadcom by 96,355.6% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 236,738,760 shares of the semiconductor manufacturer’s stock valued at $205,354,303,000 after acquiring an additional 236,493,322 shares during the last quarter. BlackRock Inc. lifted its stake in Broadcom by 1.7% in the first quarter. BlackRock Inc. now owns 29,844,893 shares of the semiconductor manufacturer’s stock valued at $19,146,692,000 after buying an additional 499,945 shares during the period. State Street Corp boosted its stake in Broadcom by 5.0% during the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock worth $10,670,149,000 after acquiring an additional 794,832 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Broadcom by 5.0% in the 1st quarter. Geode Capital Management LLC now owns 7,813,688 shares of the semiconductor manufacturer’s stock valued at $5,001,948,000 after buying an additional 375,418 shares during the period. Finally, Morgan Stanley increased its position in Broadcom by 12.5% in the 4th quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after buying an additional 651,014 shares in the last quarter. 78.81% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have issued reports on the company. Truist Financial reiterated a “buy” rating and issued a $995.00 price target on shares of Broadcom in a report on Thursday, September 21st. Mizuho lifted their price target on shares of Broadcom from $840.00 to $960.00 in a research report on Friday, September 1st. Benchmark restated a “buy” rating and set a $950.00 price objective on shares of Broadcom in a report on Friday, September 1st. Wells Fargo & Company lifted their price objective on shares of Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a report on Friday, September 1st. Finally, StockNews.com upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $848.52.
Insiders Place Their Bets
In other news, Director Harry L. You purchased 1,000 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average price of $858.96 per share, with a total value of $858,960.00. Following the transaction, the director now directly owns 3,510 shares of the company’s stock, valued at $3,014,949.60. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Eddy W. Hartenstein sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the transaction, the director now directly owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry L. You bought 1,000 shares of the stock in a transaction on Friday, September 15th. The shares were acquired at an average cost of $858.96 per share, for a total transaction of $858,960.00. Following the acquisition, the director now directly owns 3,510 shares in the company, valued at $3,014,949.60. The disclosure for this purchase can be found here. Company insiders own 2.20% of the company’s stock.
Broadcom Stock Performance
Shares of NASDAQ AVGO traded down $14.18 during mid-day trading on Tuesday, reaching $981.53. 917,474 shares of the company’s stock were exchanged, compared to its average volume of 2,414,144. The firm has a 50-day moving average price of $871.36 and a two-hundred day moving average price of $843.08. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25. The firm has a market capitalization of $405.11 billion, a price-to-earnings ratio of 30.62, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11. Broadcom Inc. has a 52 week low of $514.83 and a 52 week high of $999.87.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping the consensus estimate of $10.43 by $0.11. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.07 earnings per share. Analysts predict that Broadcom Inc. will post 37.83 EPS for the current year.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Thursday, September 21st were issued a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend was Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is 56.58%.
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.
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