Comerica Bank Sells 20,355 Shares of Broadcom Inc. (NASDAQ:AVGO)

Comerica Bank lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,074,626 shares of the semiconductor manufacturer's stock after selling 20,355 shares during the period. Broadcom accounts for about 1.0% of Comerica Bank's investment portfolio, making the stock its 12th biggest holding. Comerica Bank's holdings in Broadcom were worth $249,141,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Howard Capital Management Group LLC increased its stake in shares of Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock worth $524,000 after purchasing an additional 2,908 shares during the period. Principal Financial Group Inc. increased its position in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after buying an additional 6,540,800 shares during the period. Invst LLC lifted its holdings in shares of Broadcom by 928.6% during the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock worth $522,000 after buying an additional 2,730 shares during the last quarter. McIlrath & Eck LLC boosted its position in shares of Broadcom by 793.3% in the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock valued at $69,000 after acquiring an additional 357 shares during the period. Finally, Passumpsic Savings Bank grew its stake in shares of Broadcom by 900.9% in the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock worth $2,743,000 after acquiring an additional 14,315 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 over the last quarter. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley upped their price target on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Citigroup decreased their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Mizuho cut their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Price Performance

NASDAQ:AVGO traded up $6.31 during mid-day trading on Friday, reaching $203.64. 17,749,359 shares of the company were exchanged, compared to its average volume of 31,190,330. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market cap of $957.50 billion, a PE ratio of 166.10, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 12 month low of $124.71 and a 12 month high of $251.88. The company has a fifty day moving average of $182.19 and a 200 day moving average of $196.28.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom Company 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.