Sterneck Capital Management LLC Takes Position in NVIDIA Co. (NASDAQ:NVDA)

Sterneck Capital Management LLC purchased a new stake in shares of NVIDIA Co. (NASDAQ:NVDA) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,239 shares of the computer hardware maker’s stock, valued at approximately $272,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Canandaigua National Bank & Trust Co. increased its holdings in shares of NVIDIA by 1.1% in the third quarter. Canandaigua National Bank & Trust Co. now owns 67,974 shares of the computer hardware maker’s stock worth $8,255,000 after purchasing an additional 709 shares during the last quarter. Unique Wealth LLC grew its position in shares of NVIDIA by 15.3% during the 3rd quarter. Unique Wealth LLC now owns 34,201 shares of the computer hardware maker’s stock worth $4,153,000 after buying an additional 4,550 shares in the last quarter. Curbstone Financial Management Corp increased its holdings in NVIDIA by 1.0% during the third quarter. Curbstone Financial Management Corp now owns 9,470 shares of the computer hardware maker’s stock valued at $1,150,000 after buying an additional 94 shares during the period. Silvia Mccoll Wealth Management LLC raised its stake in shares of NVIDIA by 24.6% during the 3rd quarter. Silvia Mccoll Wealth Management LLC now owns 9,412 shares of the computer hardware maker’s stock worth $1,143,000 after acquiring an additional 1,860 shares in the last quarter. Finally, Czech National Bank boosted its stake in NVIDIA by 6.9% in the 3rd quarter. Czech National Bank now owns 5,011,687 shares of the computer hardware maker’s stock worth $608,619,000 after purchasing an additional 323,570 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on NVDA. Mizuho lifted their price target on NVIDIA from $132.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised their target price on NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Evercore ISI boosted their target price on shares of NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Raymond James increased their price target on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Craig Hallum upped their price objective on NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $143.07.

NVIDIA Price Performance

Shares of NVDA stock opened at $136.05 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. NVIDIA Co. has a 1-year low of $44.90 and a 1-year high of $144.42. The firm has a fifty day moving average of $125.45 and a two-hundred day moving average of $116.60. The firm has a market cap of $3.34 trillion, a P/E ratio of 63.87, a P/E/G ratio of 1.40 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same period last year, the company earned $0.25 earnings per share. The company’s quarterly revenue was up 122.4% compared to the same quarter last year. As a group, research analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

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 given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is currently 1.88%.

NVIDIA declared that its board has initiated a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at NVIDIA

In other news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $104.83, for a total value of $12,579,600.00. Following the completion of the sale, the chief executive officer now owns 76,614,995 shares of the company’s stock, valued at $8,031,549,925.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,396,270 shares of company stock valued at $279,825,927. Company insiders own 4.23% of the company’s stock.

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.