Shares of Broadcom (AVGO) have experienced an impressive surge of over 50% since the beginning of this year. The company's strong earnings reports, coupled with its prominent position in the artificial intelligence sector, have attracted the attention of many investors.
On August 31, Broadcom stock reached an all-time high of $923.67 during intraday trading. Shortly after the market closed on that day, the company announced a robust fiscal third-quarter performance.
In a notable move, director Check Kian Low made a substantial purchase of Broadcom shares on September 6. Low acquired 11,000 shares at an average price of $872.03, amounting to a total investment of $9.6 million. According to a filing with the Securities and Exchange Commission, his current ownership stands at 15,951 shares.
Low, who has been a Broadcom director since December 2016, preferred not to comment on his stock purchase. Alongside his role at Broadcom, Low serves as a partner and director at the esteemed investment-management firm NewSmith Capital Partners LLP. Additionally, he is the owner and director of Cluny Capital Limited (BVI). This particular transaction marks Low's first open-market acquisition of Broadcom stock, as the rest of his holdings consist of restricted stock units granted for his directorial service.
It is worth noting that Low's ownership stake significantly surpasses Broadcom's guideline for nonemployee directors, which stipulates the ownership of shares equivalent to five times the annual cash retainer. In fiscal 2022, the retainer amounted to $90,000.
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