NVIDIA Co. to Post Q1 2024 Earnings of $0.61 Per Share, KeyCorp Forecasts (NASDAQ:NVDA)

NVIDIA Co. (NASDAQ:NVDA – Get Rating) – Research analysts at KeyCorp upped their Q1 2024 earnings per share (EPS) estimates for shares of NVIDIA in a research note issued on Sunday, May 21st. KeyCorp analyst J. Vinh now forecasts that the computer hardware maker will earn $0.61 per share for the quarter, up from their prior forecast of $0.60. The consensus estimate for NVIDIA’s current full-year earnings is $3.26 per share. KeyCorp also issued estimates for NVIDIA’s FY2024 earnings at $3.45 EPS.

NVIDIA (NASDAQ:NVDA – Get Rating) last issued its earnings results on Wednesday, February 22nd. The computer hardware maker reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.07. The firm had revenue of $6.05 billion during the quarter, compared to analyst estimates of $6.02 billion. NVIDIA had a net margin of 16.19% and a return on equity of 26.61%. The company’s quarterly revenue was down 20.8% on a year-over-year basis. During the same quarter last year, the business earned $1.14 earnings per share.

Other equities analysts have also recently issued reports about the company. TD Cowen lifted their price target on NVIDIA from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, March 22nd. BMO Capital Markets upped their price target on NVIDIA from $255.00 to $305.00 and gave the company an “outperform” rating in a research report on Wednesday, March 22nd. Evercore ISI raised their price objective on shares of NVIDIA from $245.00 to $300.00 in a research report on Thursday, February 23rd. Morgan Stanley raised shares of NVIDIA from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $255.00 to $304.00 in a report on Thursday, March 16th. Finally, UBS Group set a $270.00 price target on shares of NVIDIA in a report on Monday, March 27th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $274.37.

NVIDIA Trading Down 0.3 %

Shares of NVDA stock opened at $311.76 on Tuesday. The stock has a market capitalization of $771.02 billion, a price-to-earnings ratio of 179.17, a PEG ratio of 5.47 and a beta of 1.77. The company’s fifty day simple moving average is $275.44 and its two-hundred day simple moving average is $215.37. NVIDIA has a 1 year low of $108.13 and a 1 year high of $318.28. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.52 and a quick ratio of 2.73.

NVIDIA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 29th. Investors of record on Wednesday, March 8th were paid a $0.04 dividend. The ex-dividend date of this dividend was Tuesday, March 7th. This represents a $0.16 annualized dividend and a dividend yield of 0.05%. NVIDIA’s payout ratio is presently 9.20%.

Insider Activity at NVIDIA

In other news, Director Dawn E. Hudson sold 7,500 shares of NVIDIA stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $230.40, for a total value of $1,728,000.00. Following the sale, the director now directly owns 90,350 shares in the company, valued at approximately $20,816,640. The sale was disclosed in a filing with the SEC, which is available through this link. In other NVIDIA news, EVP Debora Shoquist sold 23,084 shares of NVIDIA stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $305.00, for a total transaction of $7,040,620.00. Following the sale, the executive vice president now directly owns 139,860 shares of the company’s stock, valued at approximately $42,657,300. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dawn E. Hudson sold 7,500 shares of the stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $230.40, for a total value of $1,728,000.00. Following the completion of the transaction, the director now directly owns 90,350 shares of the company’s stock, valued at approximately $20,816,640. The disclosure for this sale can be found here. Insiders have sold a total of 61,584 shares of company stock worth $16,244,510 in the last 90 days. Company insiders own 3.99% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVDA. Vanguard Group Inc. grew its position in shares of NVIDIA by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 203,747,246 shares of the computer hardware maker’s stock worth $24,732,878,000 after buying an additional 2,326,387 shares during the period. State Street Corp increased its stake in shares of NVIDIA by 0.9% during the third quarter. State Street Corp now owns 98,751,264 shares of the computer hardware maker’s stock valued at $11,987,416,000 after purchasing an additional 908,481 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of NVIDIA by 9.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 56,956,988 shares of the computer hardware maker’s stock valued at $8,323,694,000 after purchasing an additional 5,043,685 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of NVIDIA by 0.6% in the 1st quarter. Geode Capital Management LLC now owns 46,056,013 shares of the computer hardware maker’s stock worth $12,763,663,000 after purchasing an additional 267,061 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of NVIDIA by 20.2% in the 4th quarter. Morgan Stanley now owns 27,533,756 shares of the computer hardware maker’s stock worth $4,023,783,000 after buying an additional 4,621,002 shares during the last quarter. 61.80% of the stock is owned by hedge funds and other institutional investors.

NVIDIA Company Profile

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NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU), Tegra Processor, and All Other. The GPU segment consists of product brands, including GeForce for gamers, Quadro for designers, Tesla and DGX for AI data scientists and big data researchers, and GRID for cloud-based visual computing users.