Broadcom Limited (AVGO) Shares Bought by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. grew its holdings in shares of Broadcom Limited (NASDAQ:AVGO) by 24.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 153,859 shares of the semiconductor manufacturer’s stock after purchasing an additional 30,257 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Broadcom Limited were worth $35,859,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. ProShare Advisors LLC increased its position in shares of Broadcom Limited by 18.6% during the 2nd quarter. ProShare Advisors LLC now owns 176,658 shares of the semiconductor manufacturer’s stock valued at $41,170,000 after purchasing an additional 27,722 shares during the last quarter. Profund Advisors LLC grew its stake in shares of Broadcom Limited by 15.0% during the 2nd quarter. Profund Advisors LLC now owns 113,687 shares of the semiconductor manufacturer’s stock worth $26,495,000 after acquiring an additional 14,802 shares during the period. Stevens Capital Management LP grew its stake in shares of Broadcom Limited by 39.3% during the 2nd quarter. Stevens Capital Management LP now owns 63,165 shares of the semiconductor manufacturer’s stock worth $14,721,000 after acquiring an additional 17,820 shares during the period. Matthews International Capital Management LLC bought a new position in shares of Broadcom Limited during the 2nd quarter worth $64,928,000. Finally, BT Investment Management Ltd bought a new position in shares of Broadcom Limited during the 2nd quarter worth $1,548,000. 89.70% of the stock is owned by hedge funds and other institutional investors.
In other news, SVP Charlie B. Kawwas sold 1,788 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $247.28, for a total value of $442,136.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $244.01, for a total value of $7,320,300.00. The disclosure for this sale can be found here. Insiders sold a total of 41,788 shares of company stock valued at $10,208,337 over the last ninety days. Corporate insiders own 3.60% of the company’s stock.
Shares of Broadcom Limited (NASDAQ:AVGO) traded down 0.21% during trading on Tuesday, reaching $249.29. The company’s stock had a trading volume of 212,887 shares. The stock has a market cap of $101.71 billion, a price-to-earnings ratio of 189.86 and a beta of 1.07. The company has a 50 day moving average of $249.02 and a 200-day moving average of $236.63. Broadcom Limited has a 12-month low of $160.62 and a 12-month high of $259.36.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.03 by $0.07. The business had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.46 billion. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the company earned $2.89 EPS. Analysts forecast that Broadcom Limited will post $15.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Tuesday, September 19th will be paid a $1.02 dividend. This represents a $4.08 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Monday, September 18th. Broadcom Limited’s payout ratio is 348.72%.
Several research analysts have recently weighed in on the company. Craig Hallum reiterated a “buy” rating on shares of Broadcom Limited in a research note on Wednesday, September 13th. KeyCorp reiterated an “overweight” rating on shares of Broadcom Limited in a research note on Thursday, September 14th. J P Morgan Chase & Co reiterated a “buy” rating and set a $315.00 price target on shares of Broadcom Limited in a research note on Tuesday, September 12th. Vetr downgraded Broadcom Limited from a “buy” rating to a “hold” rating and set a $261.95 price target for the company. in a research note on Monday, September 4th. Finally, B. Riley reiterated a “buy” rating and set a $305.00 price target on shares of Broadcom Limited in a research note on Thursday, August 31st. Two analysts have rated the stock with a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the stock. Broadcom Limited has an average rating of “Buy” and an average target price of $274.48.
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Broadcom Limited Profile
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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