Meredith Wealth Planning Increases Stake in NVIDIA Co. (NASDAQ:NVDA)

Meredith Wealth Planning lifted its position in NVIDIA Co. (NASDAQ:NVDA) by 894.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,281 shares of the computer hardware maker’s stock after acquiring an additional 4,750 shares during the quarter. NVIDIA accounts for 0.3% of Meredith Wealth Planning’s portfolio, making the stock its 28th largest position. Meredith Wealth Planning’s holdings in NVIDIA were worth $652,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NVDA. Hamilton Wealth LLC increased its position in shares of NVIDIA by 0.3% during the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock worth $2,839,000 after purchasing an additional 9 shares in the last quarter. Brooklyn FI LLC increased its position in NVIDIA by 2.5% during the 1st quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock valued at $442,000 after buying an additional 12 shares in the last quarter. Curran Financial Partners LLC raised its stake in NVIDIA by 1.8% in the first quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock valued at $625,000 after buying an additional 12 shares during the last quarter. Beacon Bridge Wealth Partners LLC boosted its holdings in NVIDIA by 2.6% in the first quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock worth $428,000 after acquiring an additional 12 shares in the last quarter. Finally, M. Kraus & Co increased its holdings in shares of 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 acquiring an additional 13 shares in the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Wolfe Research boosted their target price on shares of NVIDIA from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Evercore ISI upped their target price on NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. lifted their price target on NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. UBS Group increased their price objective on NVIDIA from $120.00 to $150.00 and gave the company a “buy” rating in a report on Monday, July 8th. Finally, Benchmark reiterated a “buy” rating and issued a $170.00 target price on shares of NVIDIA in a research 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 one has given a strong buy rating to the stock. According to data from MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Transactions at NVIDIA

In related 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 value of $16,304,400.00. Following the sale, the chief executive officer now owns 80,814,995 shares of the company’s stock, valued at $10,980,333,370.65. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $130.10, for a total value of $13,024,311.00. Following the sale, the executive vice president now directly owns 3,939,350 shares in the company, valued at $512,509,435. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $135.87, for a total value of $16,304,400.00. Following the sale, the chief executive officer now directly owns 80,814,995 shares of the company’s stock, valued at $10,980,333,370.65. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,845,633 shares of company stock valued at $465,330,122. 4.23% of the stock is currently owned by corporate insiders.

NVIDIA Stock Performance

Shares of NVIDIA stock opened at $119.14 on Friday. The stock has a market capitalization of $2.93 trillion, a price-to-earnings ratio of 69.67, a price-to-earnings-growth ratio of 0.93 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The business has a 50-day moving average of $117.55 and a 200 day moving average of $105.46. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $140.76.

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 the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter last year, the company posted $0.25 EPS. The firm’s revenue was up 122.4% compared to the same quarter last year. As a group, sell-side analysts forecast that NVIDIA Co. will post 2.64 earnings per share for the current year.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be issued a dividend of $0.01 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 2.34%.

NVIDIA declared that its Board of Directors 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 repurchase 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.

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.