Broadcom Inc. (NASDAQ:AVGO) Stock Position Decreased by Comerica Bank

Comerica Bank cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,074,626 shares of the semiconductor manufacturer’s stock after selling 20,355 shares during the period. Broadcom makes up about 1.0% of Comerica Bank’s holdings, making the stock its 12th biggest position. Comerica Bank’s holdings in Broadcom were worth $249,141,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of AVGO. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter valued at $16,893,010,000. Franklin Resources Inc. lifted its position in shares of Broadcom by 1,114.6% in the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer’s stock worth $3,849,270,000 after purchasing an additional 19,375,547 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. GQG Partners LLC grew its position in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Broadcom by 1.4% in the fourth 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 last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on AVGO shares. Citigroup cut their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Truist Financial lifted their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Mizuho reduced their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Finally, Benchmark reaffirmed a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

Broadcom Price Performance

Shares of AVGO opened at $191.17 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88. The stock has a market capitalization of $898.87 billion, a P/E ratio of 155.93, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a 50 day moving average of $182.92 and a 200-day moving average of $196.21.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom’s payout ratio is currently 113.46%.

Broadcom declared that its board has approved a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 719,776 shares of company stock worth $131,065,542. Corporate insiders own 2.00% of the company’s stock.

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.