Lincoln Capital Corp Acquires 16,736 Shares of Broadcom Inc. (NASDAQ:AVGO)

Lincoln Capital Corp raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 580.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,619 shares of the semiconductor manufacturer's stock after purchasing an additional 16,736 shares during the period. Broadcom accounts for approximately 1.4% of Lincoln Capital Corp's investment portfolio, making the stock its 23rd biggest position. Lincoln Capital Corp's holdings in Broadcom were worth $3,285,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Geode Capital Management LLC grew its holdings in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares during the period. FMR LLC grew its holdings in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Norges Bank acquired a new stake in Broadcom during the 4th quarter worth about $16,893,010,000. Finally, Northern Trust Corp grew its holdings in Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

Broadcom stock traded up $4.97 during mid-day trading on Thursday, reaching $274.87. The company's stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,641,799. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a PEG ratio of 1.92 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm's fifty day moving average price is $235.38 and its two-hundred day moving average price is $216.81.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $10.96 EPS. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Evercore ISI restated an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Mizuho raised their target price on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research note on Thursday. Wall Street Zen downgraded Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Susquehanna raised their target price on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $281.46.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 in the last three months. 2.00% of the stock is owned by corporate insiders.

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.