Sompo Asset Management Co. Ltd. raised its position in NVIDIA Co. (NASDAQ:NVDA – Free Report) by 1,008.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 165,880 shares of the computer hardware maker’s stock after buying an additional 150,914 shares during the quarter. NVIDIA comprises about 3.5% of Sompo Asset Management Co. Ltd.’s portfolio, making the stock its 6th largest position. Sompo Asset Management Co. Ltd.’s holdings in NVIDIA were worth $20,493,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Truepoint Inc. raised its stake in NVIDIA by 914.1% during the second quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock worth $1,605,000 after acquiring an additional 11,709 shares in the last quarter. Consolidated Planning Corp grew its holdings in shares of NVIDIA by 825.9% during the 2nd quarter. Consolidated Planning Corp now owns 84,133 shares of the computer hardware maker’s stock valued at $10,394,000 after purchasing an additional 75,046 shares during the last quarter. International Private Wealth Advisors LLC increased its position in NVIDIA by 1,452.1% during the 2nd quarter. International Private Wealth Advisors LLC now owns 7,512 shares of the computer hardware maker’s stock worth $928,000 after purchasing an additional 7,028 shares in the last quarter. Lafayette Investments Inc. lifted its stake in 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 purchasing an additional 5,140 shares during the last quarter. Finally, AMJ Financial Wealth Management boosted its position in NVIDIA by 898.7% in the second quarter. AMJ Financial Wealth Management now owns 59,300 shares of the computer hardware maker’s stock valued at $7,326,000 after buying an additional 53,362 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.
NVIDIA Price Performance
Shares of NASDAQ NVDA opened at $140.41 on Friday. The stock has a market cap of $3.44 trillion, a price-to-earnings ratio of 65.86, a PEG ratio of 1.52 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $144.42. The firm’s 50-day simple moving average is $123.56 and its 200 day simple moving average is $113.50.
NVIDIA Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders 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 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.88%.
NVIDIA announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Analysts Set New Price Targets
A number of brokerages have recently commented on NVDA. Robert W. Baird increased their price target on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Needham & Company LLC increased their target price on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Westpark Capital boosted their price target on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Craig Hallum raised their price objective on shares of NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a report on Tuesday, October 8th. Five investment 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. Based on data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and a consensus target price of $143.07.
Check Out Our Latest Analysis on NVIDIA
Insider Activity at NVIDIA
In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the sale, the director now owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,636,270 shares of company stock valued at $305,367,927 over the last ninety days. Corporate insiders own 4.23% of the company’s stock.
About NVIDIA
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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