Comerica Bank reduced its stake in Broadcom Inc (NASDAQ:AVGO) by 5.1% during the first quarter, HoldingsChannel reports. The firm owned 75,586 shares of the semiconductor manufacturer’s stock after selling 4,055 shares during the quarter. Comerica Bank’s holdings in Broadcom were worth $23,243,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Ruggie Capital Group bought a new position in Broadcom in the 4th quarter valued at approximately $25,000. AlphaOne Investment Services LLC bought a new position in Broadcom during the 4th quarter worth approximately $25,000. Accurate Investment Solutions Inc. bought a new position in Broadcom during the 4th quarter worth approximately $25,000. First Financial Corp IN bought a new position in Broadcom during the 1st quarter worth approximately $30,000. Finally, Daiwa SB Investments Ltd. bought a new position in Broadcom during the 1st quarter worth approximately $30,000. Institutional investors own 86.99% of the company’s stock.
In related news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Friday, March 15th. The shares were sold at an average price of $291.27, for a total value of $5,825,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kirsten M. Spears sold 4,000 shares of Broadcom stock in a transaction on Monday, April 1st. The shares were sold at an average price of $306.31, for a total transaction of $1,225,240.00. The disclosure for this sale can be found here. Insiders sold a total of 87,824 shares of company stock valued at $26,390,919 in the last quarter. 3.30% of the stock is currently owned by company insiders.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, beating the consensus estimate of $4.32 by $1.23. The company had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.83 billion. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. Broadcom’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.12 EPS. Analysts forecast that Broadcom Inc will post 17.65 EPS for the current fiscal year.
Several research analysts have issued reports on the stock. KeyCorp raised their price target on shares of Broadcom from $335.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. BidaskClub lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. ValuEngine upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Mizuho raised their price target on shares of Broadcom from $305.00 to $335.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Finally, Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirty have assigned a buy rating to the company. Broadcom has a consensus rating of “Buy” and an average target price of $303.41.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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