Retirement Systems of Alabama Buys 8,348,121 Shares of NVIDIA Co. (NASDAQ:NVDA)

Retirement Systems of Alabama increased its stake in NVIDIA Co. (NASDAQ:NVDA) by 873.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,304,283 shares of the computer hardware maker’s stock after purchasing an additional 8,348,121 shares during the period. NVIDIA makes up 4.4% of Retirement Systems of Alabama’s holdings, making the stock its 2nd largest position. Retirement Systems of Alabama’s holdings in NVIDIA were worth $1,149,451,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. West Oak Capital LLC boosted its position in shares of NVIDIA by 815.4% during the second quarter. West Oak Capital LLC now owns 95,115 shares of the computer hardware maker’s stock worth $11,751,000 after buying an additional 84,724 shares during the period. Processus Wealth & Capital Management LLC boosted its position in NVIDIA by 699.6% during the 2nd quarter. Processus Wealth & Capital Management LLC now owns 128,470 shares of the computer hardware maker’s stock worth $15,871,000 after acquiring an additional 112,404 shares during the last quarter. Alta Wealth Advisors LLC boosted its position in NVIDIA by 913.1% during the 2nd quarter. Alta Wealth Advisors LLC now owns 67,654 shares of the computer hardware maker’s stock worth $8,358,000 after acquiring an additional 60,976 shares during the last quarter. Allegiance Financial Group Advisory Services LLC lifted its position in shares of NVIDIA by 702.9% in the second quarter. Allegiance Financial Group Advisory Services LLC now owns 3,083 shares of the computer hardware maker’s stock worth $381,000 after purchasing an additional 2,699 shares in the last quarter. Finally, Joseph P. Lucia & Associates LLC boosted its holdings in NVIDIA by 1,026.3% during the second quarter. Joseph P. Lucia & Associates LLC now owns 44,218 shares of the computer hardware maker’s stock worth $5,463,000 after purchasing an additional 40,292 shares during the last quarter. Institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Performance

Shares of NVIDIA stock opened at $119.10 on Friday. The company’s 50 day moving average price is $117.42 and its two-hundred day moving average price is $105.74. The firm has a market capitalization of $2.92 trillion, a P/E ratio of 69.65, a P/E/G ratio of 1.06 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. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76.

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, topping analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. NVIDIA’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. On average, equities analysts forecast that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA declared that its board has initiated a stock repurchase program on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

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

Insiders Place Their Bets

In other news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $111.83, for a total transaction of $13,419,600.00. Following the transaction, the chief executive officer now owns 75,655,836 shares in the company, valued at $8,460,592,139.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $128.17, for a total value of $576,765.00. Following the completion of the sale, the insider now owns 503,878 shares of the company’s stock, valued at $64,582,043.26. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $111.83, for a total value of $13,419,600.00. Following the transaction, the chief executive officer now owns 75,655,836 shares of the company’s stock, valued at $8,460,592,139.88. The disclosure for this sale can be found here. Insiders have sold 3,845,633 shares of company stock valued at $465,330,122 in the last ninety days. 4.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NVDA shares. Needham & Company LLC boosted their price target on shares of NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Truist Financial increased their price target on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Wolfe Research boosted their price target on NVIDIA from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Wells Fargo & Company upped their price objective on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Bank of America reiterated a “buy” rating and issued a $165.00 target price on shares of NVIDIA in a research note on Thursday, September 5th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $142.10.

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.