PNC Financial Services Group Inc. Acquires 4,960 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• PNC Financial Services Group Inc. increased its stake in Broadcom Inc. by 0.1%, acquiring an additional 4,960 shares, bringing its total to 4,809,642 shares valued at approximately $805 million.
• Institutional investors hold 76.43% of Broadcom's stock, with significant increases by firms like GAMMA Investing and Price T Rowe Associates, further boosting their positions in the company.
• Broadcom recently announced a stock buyback plan of $10 billion and declared a quarterly dividend of $0.59 per share, representing an annual yield of 0.8%.

PNC Financial Services Group Inc. raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,809,642 shares of the semiconductor manufacturer's stock after purchasing an additional 4,960 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.10% of Broadcom worth $805,278,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the first quarter worth $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the first quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the fourth quarter worth $30,000. Finally, Wood Tarver Financial Group LLC grew its stake in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after purchasing an additional 137 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 1.7%

Shares of AVGO stock traded down $5.06 on Friday, hitting $288.64. 21,405,316 shares of the stock were exchanged, compared to its average volume of 15,995,794. The business has a 50-day moving average of $266.56 and a 200 day moving average of $224.53. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $306.95. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the firm posted $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio is 88.39%.

Broadcom announced that its board has initiated a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on AVGO. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. The Goldman Sachs Group started coverage on Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 price target for the company. Finally, Oppenheimer increased their price target on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $294.92.

Insider Activity

In related news, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

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.