Precedent Wealth Partners LLC Acquires 10,058 Shares of NVIDIA Co. (NASDAQ:NVDA)

Precedent Wealth Partners LLC boosted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 894.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,182 shares of the computer hardware maker’s stock after buying an additional 10,058 shares during the quarter. Precedent Wealth Partners LLC’s holdings in NVIDIA were worth $1,381,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Hamilton Wealth LLC raised its stake in NVIDIA by 0.3% during the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock valued at $2,839,000 after purchasing an additional 9 shares in the last quarter. Brooklyn FI LLC raised its stake in NVIDIA by 2.5% during the first quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock valued at $442,000 after purchasing an additional 12 shares in the last quarter. Curran Financial Partners LLC raised its stake in NVIDIA by 1.8% during the first quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock valued at $625,000 after purchasing an additional 12 shares in the last quarter. Beacon Bridge Wealth Partners LLC raised its stake in NVIDIA by 2.6% during the first quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock valued at $428,000 after purchasing an additional 12 shares in the last quarter. Finally, M. Kraus & Co raised its stake in NVIDIA by 2.0% during the first quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock valued at $594,000 after purchasing an additional 13 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the completion of the transaction, the chief executive officer now directly owns 80,814,995 shares of the company’s stock, valued at approximately $10,980,333,370.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the completion of the transaction, the chief executive officer now directly owns 80,814,995 shares of the company’s stock, valued at approximately $10,980,333,370.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Colette Kress sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $126.99, for a total transaction of $12,699,000.00. Following the transaction, the chief financial officer now directly owns 5,288,862 shares of the company’s stock, valued at $671,632,585.38. The disclosure for this sale can be found here. Insiders sold 3,725,633 shares of company stock valued at $451,910,522 in the last three months. 4.23% of the stock is owned by insiders.

NVIDIA Stock Up 8.1 %

NASDAQ:NVDA opened at $116.91 on Thursday. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76. The stock has a market capitalization of $2.88 trillion, a P/E ratio of 68.37, a P/E/G ratio of 0.93 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. The company’s 50-day simple moving average is $117.74 and its 200-day simple moving average is $105.37.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.64 by $0.04. The firm had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. NVIDIA’s revenue was up 122.4% on a year-over-year basis. During the same period last year, the firm posted $0.25 EPS. On average, equities analysts anticipate that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

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

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s payout ratio is currently 2.34%.

Wall Street Analysts Forecast Growth

NVDA has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price target on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Jefferies Financial Group increased their target price on shares of NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, June 24th. UBS Group increased their target price on shares of NVIDIA from $120.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Evercore ISI increased their target price on shares of NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Finally, Melius Research increased their target price on shares of NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

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.