PNC Financial Services Group Inc. Sells 111,510 Shares of Broadcom Inc. $AVGO

Key Points

• PNC Financial Services Group reduced its Broadcom stake by 2.3% in the fourth quarter, selling 111,510 shares and still holding 4.68 million shares valued at about $1.62 billion.
• Broadcom continues to attract strong institutional interest; several other funds increased positions, and institutional investors and hedge funds now own about 76.43% of the stock.
• Analyst sentiment remains mostly positive, with a consensus Moderate Buy rating and an average price target of $448.10, even as some recent notes flagged valuation, overcrowding, and EU regulatory risks.

PNC Financial Services Group Inc. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,682,560 shares of the semiconductor manufacturer's stock after selling 111,510 shares during the period. Broadcom makes up approximately 0.9% of PNC Financial Services Group Inc.'s investment portfolio, making the stock its 10th largest position. PNC Financial Services Group Inc. owned about 0.10% of Broadcom worth $1,620,634,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Providence First Trust Co grew its stake in Broadcom by 1,099.3% during the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer's stock worth $2,944,000 after buying an additional 8,179 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Broadcom by 3.4% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer's stock valued at $109,492,000 after purchasing an additional 10,786 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in shares of Broadcom by 10.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock valued at $25,539,000 after purchasing an additional 7,499 shares in the last quarter. Dana Investment Advisors Inc. boosted its stake in shares of Broadcom by 2.6% in the 3rd quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer's stock valued at $57,325,000 after purchasing an additional 4,442 shares in the last quarter. Finally, Guinness Atkinson Asset Management Inc boosted its stake in shares of Broadcom by 248.2% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 26,238 shares of the semiconductor manufacturer's stock valued at $8,603,000 after purchasing an additional 18,703 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor business is showing rapid growth, with AI revenue more than doubling and stronger Q2 expectations tied to hyperscale demand. Broadcom Rides on Accelerating Semiconductor Revenues: What's Ahead?
• Positive Sentiment: Analysts continue to highlight Broadcom as one of Goldman Sachs’ strongest AI infrastructure bets, reinforcing optimism around its role in AI chips and networking. Why Broadcom (AVGO) Remains One of Goldman’s Strongest AI Infrastructure Bets
• Positive Sentiment: Broadcom is expanding its AI ecosystem through a $125 million research and talent hub with Meta and UCLA, plus packaging work with Applied Materials, which could support long-term growth. Broadcom’s AI Research Push Links Chip Packaging Advances To Growth Story
• Positive Sentiment: Several articles and analyst notes point to strong long-term upside, with Broadcom repeatedly described as a durable AI winner and a solid growth stock. Is Broadcom Inc. (AVGO) a Solid Growth Stock? 3 Reasons to Think "Yes"
• Neutral Sentiment: Commentary about Broadcom’s stock price in 2030 reflects bullish long-term AI expectations, but it does not appear to be a near-term catalyst. This Will be Broadcom’s Stock Price In 2030
• Neutral Sentiment: Broader market commentary and inflation worries have also been mentioned, but these articles do not identify a Broadcom-specific problem. Inflation Fears Weighed on Broadcom (AVGO) in Q1
• Negative Sentiment: One recent note says Broadcom remains “overcrowded,” suggesting valuation or positioning risk after a strong rally. Broadcom Is Far Too Overcrowded
• Negative Sentiment: Broadcom has also faced some regulatory scrutiny in the EU, which could create headline risk even as AI sentiment stays positive. Broadcom Inc. (AVGO) Challenges EU Regulators While Barclays Sees AI Upside

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wolfe Research upgraded shares of Broadcom from a "peer perform" rating to an "outperform" rating and set a $400.00 price target on the stock in a research note on Friday, January 30th. Citigroup restated a "buy" rating and issued a $500.00 price target (up from $475.00) on shares of Broadcom in a research note on Tuesday, May 12th. Bank of America reduced their price target on shares of Broadcom from $500.00 to $450.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Zacks Research downgraded shares of Broadcom from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Finally, Erste Group Bank downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $448.10.

Broadcom Stock Performance

NASDAQ:AVGO opened at $414.14 on Monday. The firm's fifty day moving average is $373.30 and its 200-day moving average is $356.05. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. Broadcom Inc. has a 52 week low of $226.18 and a 52 week high of $442.36. The firm has a market cap of $1.96 trillion, a P/E ratio of 80.89, a P/E/G ratio of 0.86 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The company had revenue of $19.31 billion during the quarter, compared to analysts' expectations of $19.10 billion. During the same period in the prior year, the company posted $1.60 earnings per share. Broadcom's revenue for the quarter was up 29.5% compared to the same quarter last year. Equities analysts expect that Broadcom Inc. will post 9.91 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were given a dividend of $0.65 per share. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom's dividend payout ratio is 50.78%.

Insider Activity at Broadcom

In other news, insider S. Ram Velaga sold 8,000 shares of the stock in a transaction on Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the completion of the sale, the insider directly owned 57,932 shares in the company, valued at $21,464,964.64. This represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $358.31, for a total transaction of $358,310.00. Following the sale, the director owned 32,352 shares of the company's stock, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 324,282 shares of company stock valued at $106,425,249 over the last 90 days. 1.90% of the stock is owned by company insiders.

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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