Lincoln National Corp increased its position in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 6.5% in the third quarter, HoldingsChannel.com reports. The fund owned 10,425 shares of the semiconductor manufacturer’s stock after buying an additional 640 shares during the period. Lincoln National Corp’s holdings in Broadcom were worth $4,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. Charles Schwab Investment Management Inc. grew its position in Broadcom by 11.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after buying an additional 488,405 shares during the period. Legal & General Group Plc grew its holdings in Broadcom by 3.8% in the second quarter. Legal & General Group Plc now owns 2,633,276 shares of the semiconductor manufacturer’s stock valued at $1,279,276,000 after purchasing an additional 96,567 shares during the period. Jennison Associates LLC increased its position in shares of Broadcom by 20.5% in the second quarter. Jennison Associates LLC now owns 2,241,848 shares of the semiconductor manufacturer’s stock valued at $1,089,112,000 after buying an additional 381,275 shares in the last quarter. Deutsche Bank AG increased its position in shares of Broadcom by 3.5% in the second quarter. Deutsche Bank AG now owns 1,473,434 shares of the semiconductor manufacturer’s stock valued at $715,807,000 after buying an additional 49,298 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Broadcom by 1.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,261,205 shares of the semiconductor manufacturer’s stock valued at $559,988,000 after acquiring an additional 19,773 shares during the period. Institutional investors and hedge funds own 81.28% of the company’s stock.
In related news, Director Justine Page sold 170 shares of the stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $574.86, for a total transaction of $97,726.20. Following the completion of the transaction, the director now owns 2,981 shares of the company’s stock, valued at approximately $1,713,657.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.
Broadcom Trading Up 1.3 %
Broadcom (NASDAQ:AVGO – Get Rating) last posted its earnings results on Thursday, December 8th. The semiconductor manufacturer reported $9.75 EPS for the quarter, beating analysts’ consensus estimates of $9.50 by $0.25. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.90 billion. Broadcom had a return on equity of 70.00% and a net margin of 34.62%. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $7.01 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 37.39 EPS for the current year.
Broadcom Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Tuesday, December 20th were paid a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Monday, December 19th. This is a positive change from Broadcom’s previous quarterly dividend of $4.10. Broadcom’s dividend payout ratio (DPR) is 69.43%.
Wall Street Analyst Weigh In
AVGO has been the subject of a number of research analyst reports. Wells Fargo & Company began coverage on shares of Broadcom in a research report on Friday, December 9th. They set an “equal weight” rating for the company. Bank of America lifted their price objective on Broadcom from $625.00 to $650.00 in a report on Friday, December 9th. UBS Group dropped their price target on Broadcom from $690.00 to $675.00 in a research report on Friday, December 9th. Cowen raised their price objective on Broadcom from $540.00 to $555.00 in a report on Friday, December 9th. Finally, Evercore ISI raised their price target on shares of Broadcom to $650.00 in a research note on Monday, December 12th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $667.21.
Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.
- Get a free copy of the StockNews.com research report on Broadcom (AVGO)
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