Brokers Set Expectations for NVIDIA Co.’s FY2024 Earnings (NASDAQ:NVDA)

NVIDIA Co. (NASDAQ:NVDA – Get Rating) – Analysts at KeyCorp decreased their FY2024 earnings per share estimates for NVIDIA in a research report issued on Tuesday, April 12th. KeyCorp analyst J. Vinh now expects that the computer hardware maker will earn $5.42 per share for the year, down from their prior forecast of $5.64. KeyCorp has a “Overweight” rating and a $310.00 price objective on the stock.

NVIDIA (NASDAQ:NVDA – Get Rating) last announced its earnings results on Wednesday, February 16th. The computer hardware maker reported $1.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.13. NVIDIA had a return on equity of 42.99% and a net margin of 36.24%. The company had revenue of $7.64 billion during the quarter, compared to analyst estimates of $7.43 billion. During the same period last year, the company posted $0.64 earnings per share. The firm’s quarterly revenue was up 52.8% compared to the same quarter last year.

Other analysts have also issued reports about the company. Truist Financial lowered their price objective on NVIDIA from $347.00 to $298.00 in a research report on Friday, April 8th. Credit Suisse Group reiterated a “buy” rating and issued a $400.00 price objective on shares of NVIDIA in a research report on Friday, March 18th. StockNews.com started coverage on NVIDIA in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Summit Insights cut NVIDIA from a “buy” rating to a “hold” rating in a report on Thursday, February 17th. Finally, New Street Research upgraded NVIDIA from a “neutral” rating to a “buy” rating and set a $280.00 target price on the stock in a report on Wednesday. Six investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $327.00.

Shares of NVDA stock opened at $212.58 on Friday. The stock has a 50-day moving average price of $246.02 and a 200 day moving average price of $260.82. The company has a quick ratio of 6.05, a current ratio of 6.65 and a debt-to-equity ratio of 0.41. The firm has a market cap of $619.19 billion, a price-to-earnings ratio of 55.25, a PEG ratio of 2.82 and a beta of 1.42. NVIDIA has a 12 month low of $134.59 and a 12 month high of $346.47.

Several hedge funds have recently bought and sold shares of NVDA. BlackRock Inc. grew its holdings in NVIDIA by 2.1% in the 4th quarter. BlackRock Inc. now owns 177,839,722 shares of the computer hardware maker’s stock valued at $52,304,441,000 after buying an additional 3,591,440 shares in the last quarter. Geode Capital Management LLC grew its holdings in NVIDIA by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 41,888,133 shares of the computer hardware maker’s stock valued at $12,287,340,000 after buying an additional 1,505,461 shares in the last quarter. Jennison Associates LLC grew its holdings in NVIDIA by 298.2% in the 3rd quarter. Jennison Associates LLC now owns 29,672,423 shares of the computer hardware maker’s stock valued at $6,146,939,000 after buying an additional 22,220,104 shares in the last quarter. Northern Trust Corp grew its holdings in NVIDIA by 0.3% in the 4th quarter. Northern Trust Corp now owns 28,364,911 shares of the computer hardware maker’s stock valued at $8,342,404,000 after buying an additional 88,332 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in NVIDIA by 294.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 24,476,208 shares of the computer hardware maker’s stock valued at $5,070,488,000 after buying an additional 18,277,063 shares in the last quarter. 63.84% of the stock is currently owned by institutional investors and hedge funds.

In other NVIDIA news, Director Tench Coxe sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, March 28th. The stock was sold at an average price of $274.06, for a total transaction of $27,406,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mark L. Perry sold 16,716 shares of the business’s stock in a transaction that occurred on Friday, March 18th. The stock was sold at an average price of $263.80, for a total value of $4,409,680.80. The disclosure for this sale can be found here. Insiders have sold a total of 409,056 shares of company stock worth $101,135,342 in the last ninety days. Insiders own 4.47% of the company’s stock.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 24th. Shareholders of record on Thursday, March 3rd were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.08%. The ex-dividend date of this dividend was Wednesday, March 2nd. NVIDIA’s dividend payout ratio (DPR) is 4.16%.

About NVIDIA (Get Rating)

NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, Graphics and Compute & Networking. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise design; GRID software for cloud-based visual and virtual computing; and automotive platforms for infotainment systems.

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