First Commonwealth Financial Corp PA grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 902.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,907 shares of the semiconductor manufacturer's stock after buying an additional 16,121 shares during the period. Broadcom accounts for about 0.7% of First Commonwealth Financial Corp PA's holdings, making the stock its 18th largest holding. First Commonwealth Financial Corp PA's holdings in Broadcom were worth $3,089,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in AVGO. FMR LLC increased its position in Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares during the period. Jennison Associates LLC lifted its stake in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Broadcom by 962.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer's stock worth $5,519,591,000 after acquiring an additional 28,985,434 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Broadcom by 938.8% in the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer's stock valued at $4,040,430,000 after purchasing an additional 21,168,095 shares during the last quarter. Finally, Swedbank AB raised its position in Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on AVGO. Rosenblatt Securities decreased their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research report on Friday, September 6th. Benchmark reissued a "buy" rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group raised their target price on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 6th. UBS Group increased their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. upped their price target on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and an average target price of $195.96.
View Our Latest Stock Report on AVGO
Broadcom Stock Up 1.5 %
Shares of NASDAQ:AVGO traded up $2.41 during trading on Friday, reaching $162.08. 11,024,005 shares of the company traded hands, compared to its average volume of 29,107,898. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. 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 firm has a market cap of $757.01 billion, a P/E ratio of 140.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. The firm has a fifty day simple moving average of $173.39 and a 200 day simple moving average of $161.69.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company's quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. Analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. Broadcom's dividend payout ratio (DPR) is 184.19%.
Insider Activity
In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 3.62 % 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, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.
About Broadcom
(
Free Report)
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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