Avitas Wealth Management LLC Grows Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Avitas Wealth Management LLC grew its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 888.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 327,860 shares of the computer hardware maker’s stock after acquiring an additional 294,703 shares during the quarter. NVIDIA accounts for approximately 5.9% of Avitas Wealth Management LLC’s investment portfolio, making the stock its largest position. Avitas Wealth Management LLC’s holdings in NVIDIA were worth $40,504,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Flagstone Financial Management acquired a new position in NVIDIA during the 2nd quarter worth approximately $303,000. Everhart Financial Group Inc. grew its stake in shares of NVIDIA by 1,004.4% during the second quarter. Everhart Financial Group Inc. now owns 167,985 shares of the computer hardware maker’s stock worth $20,753,000 after buying an additional 152,775 shares during the last quarter. Premier Path Wealth Partners LLC increased its holdings in shares of NVIDIA by 925.0% during the second quarter. Premier Path Wealth Partners LLC now owns 139,739 shares of the computer hardware maker’s stock worth $17,263,000 after buying an additional 126,106 shares in the last quarter. CV Advisors LLC increased its holdings in shares of NVIDIA by 862.1% during the second quarter. CV Advisors LLC now owns 101,808 shares of the computer hardware maker’s stock worth $12,577,000 after buying an additional 91,226 shares in the last quarter. Finally, Charter Oak Capital Management LLC lifted its stake in shares of NVIDIA by 885.8% in the 2nd quarter. Charter Oak Capital Management LLC now owns 8,882 shares of the computer hardware maker’s stock valued at $1,097,000 after acquiring an additional 7,981 shares during the last quarter. Institutional investors own 65.27% of the company’s stock.

NVIDIA Trading Down 0.0 %

NVDA opened at $119.10 on Friday. The firm has a market capitalization of $2.92 trillion, a PE ratio of 69.65, a P/E/G ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76. The company’s 50-day moving average is $117.42 and its 200 day moving average is $105.74. 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 (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same period last year, the business earned $0.25 EPS. The business’s revenue was up 122.4% on a year-over-year basis. As a group, research analysts predict that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

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

NVIDIA announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on NVDA. Tigress Financial upped their target price on NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $135.00 price objective on shares of NVIDIA in a research note on Monday, August 19th. Piper Sandler reiterated an “overweight” rating and issued a $140.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. DA Davidson reissued a “neutral” rating and set a $90.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Finally, Wolfe Research lifted their price target on shares of NVIDIA from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Five investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Activity

In related news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the sale, the chief executive officer now directly owns 80,814,995 shares in the company, valued at $10,980,333,370.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the sale, the executive vice president now owns 3,939,350 shares of the company’s stock, valued at approximately $512,509,435. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on 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 owns 80,814,995 shares in the company, valued at approximately $10,980,333,370.65. The disclosure for this sale can be found here. Insiders sold a total of 3,845,633 shares of company stock valued at $465,330,122 over the last three months. 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.