Light Street Capital Management LLC Sells 42,728 Shares of Broadcom Inc. (NASDAQ:AVGO)

Light Street Capital Management LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,172 shares of the semiconductor manufacturer's stock after selling 42,728 shares during the period. Broadcom comprises about 3.8% of Light Street Capital Management LLC's investment portfolio, making the stock its 9th largest holding. Light Street Capital Management LLC's holdings in Broadcom were worth $20,442,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. LRT Capital Management LLC acquired a new position in Broadcom during the fourth quarter worth $1,059,000. Lighthouse Investment Partners LLC increased its position in shares of Broadcom by 88.2% in the fourth quarter. Lighthouse Investment Partners LLC now owns 7,529 shares of the semiconductor manufacturer's stock valued at $1,746,000 after acquiring an additional 3,529 shares during the last quarter. Investment Management Corp of Ontario raised its holdings in Broadcom by 121.9% during the fourth quarter. Investment Management Corp of Ontario now owns 367,450 shares of the semiconductor manufacturer's stock worth $85,190,000 after acquiring an additional 201,838 shares in the last quarter. Investor s Fiduciary Advisor Network LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $3,669,000. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Broadcom by 198.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 365,692 shares of the semiconductor manufacturer's stock valued at $84,782,000 after buying an additional 243,186 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock valued at $131,065,542 in the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $208.26 on Monday. The firm has a market capitalization of $979.23 billion, a price-to-earnings ratio of 169.87, a PEG ratio of 2.29 and a beta of 1.04. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The business's 50-day moving average price is $182.95 and its 200-day moving average price is $197.68. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88.

Broadcom announced that its Board of Directors 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 stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.13%. Broadcom's dividend payout ratio is presently 113.46%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Mizuho reduced 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. William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Barclays reduced their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and an average target price of $229.48.

About Broadcom

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.

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