Chronos Wealth Management LLC acquired a new position in NVIDIA Co. (NASDAQ:NVDA – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,685 shares of the computer hardware maker’s stock, valued at approximately $208,000.
A number of other hedge funds also recently bought and sold shares of NVDA. Truepoint Inc. boosted its position in NVIDIA by 914.1% during the second quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock valued at $1,605,000 after purchasing an additional 11,709 shares in the last quarter. Consolidated Planning Corp raised its holdings in NVIDIA by 825.9% in the second quarter. Consolidated Planning Corp now owns 84,133 shares of the computer hardware maker’s stock worth $10,394,000 after purchasing an additional 75,046 shares in the last quarter. International Private Wealth Advisors LLC lifted its position in shares of NVIDIA by 1,452.1% during the second quarter. International Private Wealth Advisors LLC now owns 7,512 shares of the computer hardware maker’s stock valued at $928,000 after buying an additional 7,028 shares during the last quarter. Lafayette Investments Inc. boosted its holdings in shares of NVIDIA by 901.8% in the 2nd quarter. Lafayette Investments Inc. now owns 5,710 shares of the computer hardware maker’s stock valued at $705,000 after buying an additional 5,140 shares in the last quarter. Finally, BSN CAPITAL PARTNERS Ltd grew its position in shares of NVIDIA by 51.4% in the 2nd quarter. BSN CAPITAL PARTNERS Ltd now owns 417,930 shares of the computer hardware maker’s stock worth $51,823,000 after buying an additional 141,930 shares during the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.
NVIDIA Stock Up 0.9 %
NVDA stock opened at $136.93 on Friday. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $140.89. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The firm has a 50-day simple moving average of $121.22 and a 200-day simple moving average of $111.86. The stock has a market capitalization of $3.37 trillion, a P/E ratio of 80.08, a P/E/G ratio of 1.20 and a beta of 1.67.
NVIDIA announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
NVIDIA Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were issued a $0.01 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s payout ratio is currently 2.34%.
Insiders Place Their Bets
In other news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $122.23, for a total value of $14,667,600.00. Following the transaction, the chief executive officer now directly owns 78,294,995 shares of the company’s stock, valued at approximately $9,569,997,238.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $122.23, for a total value of $14,667,600.00. Following the transaction, the chief executive officer now directly owns 78,294,995 shares in the company, valued at $9,569,997,238.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,996,270 shares of company stock valued at $347,729,127 in the last 90 days. 4.23% of the stock is owned by insiders.
Analyst Ratings Changes
A number of equities research analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. William Blair started coverage on NVIDIA in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. DA Davidson reaffirmed a “neutral” rating and set a $90.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Evercore ISI raised their price target on NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, Raymond James upped their price objective on shares of NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a report on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $142.46.
Read Our Latest Stock Report on NVDA
NVIDIA Company Profile
NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. 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 workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.
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