First Commonwealth Financial Corp PA Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

First Commonwealth Financial Corp PA raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 902.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,907 shares of the semiconductor manufacturer’s stock after purchasing an additional 16,121 shares during the quarter. Broadcom accounts for approximately 0.7% of First Commonwealth Financial Corp PA’s investment portfolio, 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.

A number of other hedge funds have also recently made changes to their positions in the stock. FMR LLC increased its holdings in Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after purchasing an additional 82,998,328 shares during the period. Jennison Associates LLC increased its stake in shares of Broadcom by 842.4% during 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 buying an additional 32,178,542 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Broadcom by 962.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock valued at $5,519,591,000 after buying an additional 28,985,434 shares during the period. Fisher Asset Management LLC lifted its stake 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 worth $4,040,430,000 after acquiring an additional 21,168,095 shares during the period. Finally, Swedbank AB lifted its stake in Broadcom by 858.7% in 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 period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

NASDAQ:AVGO opened at $159.67 on Friday. The firm’s fifty day moving average is $173.57 and its two-hundred day moving average is $161.49. The firm has a market cap of $745.75 billion, a price-to-earnings ratio of 138.84, a PEG ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. Research analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.33%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is 184.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on AVGO shares. Rosenblatt Securities reduced their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Morgan Stanley lifted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. The Goldman Sachs Group lifted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last three months. Company insiders own 2.00% of the company’s stock.

Broadcom 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.