Park Edge Advisors LLC Has $1.24 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Park Edge Advisors LLC cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,386 shares of the semiconductor manufacturer's stock after selling 1,444 shares during the quarter. Park Edge Advisors LLC's holdings in Broadcom were worth $1,237,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Canton Hathaway LLC bought a new position in Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock traded down $1.15 during mid-day trading on Thursday, reaching $259.93. The stock had a trading volume of 41,745,758 shares, compared to its average volume of 30,922,784. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The firm has a market cap of $1.22 trillion, a PE ratio of 212.02, a P/E/G ratio of 2.29 and a beta of 1.11. The firm's 50 day simple moving average is $200.31 and its 200 day simple moving average is $205.00. 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 (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.33 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.24). Broadcom had a return on equity of 28.00% and a net margin of 11.43%. On average, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.91%. Broadcom's dividend payout ratio is 113.46%.

Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on AVGO. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday. Bank of America decreased their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Truist Financial increased their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Citigroup boosted their price target on Broadcom from $210.00 to $276.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $246.00.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently 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.