Pinnacle Wealth Management Advisory Group LLC Buys 135,814 Shares of NVIDIA Co. (NASDAQ:NVDA)

Pinnacle Wealth Management Advisory Group LLC increased its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 864.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 151,525 shares of the computer hardware maker’s stock after acquiring an additional 135,814 shares during the quarter. NVIDIA comprises about 1.9% of Pinnacle Wealth Management Advisory Group LLC’s portfolio, making the stock its 13th largest holding. Pinnacle Wealth Management Advisory Group LLC’s holdings in NVIDIA were worth $18,719,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NVDA. Vanguard Group Inc. increased its stake in NVIDIA by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after buying an additional 8,828,050 shares during the period. Baillie Gifford & Co. increased its stake in NVIDIA by 696.6% in the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock worth $10,137,521,000 after buying an additional 71,757,065 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in NVIDIA by 829.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock worth $7,913,435,000 after buying an additional 57,160,191 shares during the period. Swedbank AB increased its stake in NVIDIA by 798.8% in the 2nd quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after buying an additional 34,678,944 shares during the period. Finally, Norges Bank purchased a new position in NVIDIA in the 4th quarter worth about $14,606,369,000. Institutional investors own 65.27% of the company’s stock.

Insider Buying and Selling at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $10,980,333,370.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 completion of the transaction, the executive vice president now directly owns 3,939,350 shares in the company, valued at approximately $512,509,435. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s 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 completion of the transaction, the chief executive officer now 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. Insiders have sold 3,845,633 shares of company stock valued at $465,330,122 in the last 90 days. 4.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Barclays cut their target price on shares of NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Robert W. Baird raised their target price on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Susquehanna raised their target price on shares of NVIDIA from $120.00 to $145.00 and gave the company a “positive” rating in a research report on Monday, June 10th. Oppenheimer restated an “outperform” rating and issued a $110.00 price target on shares of NVIDIA in a report on Thursday, May 23rd. Finally, Tigress Financial raised their price target on shares of NVIDIA from $98.50 to $170.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Trading Down 0.0 %

NASDAQ:NVDA opened at $119.10 on Monday. The firm’s 50 day moving average is $117.42 and its 200 day moving average is $106.13. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $140.76. The stock has a market capitalization of $2.93 trillion, a PE ratio of 69.65, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter in the previous year, the firm posted $0.25 EPS. The business’s revenue for the quarter was up 122.4% compared to the same quarter last year. Sell-side analysts expect that NVIDIA Co. will post 2.64 earnings per share for the current year.

NVIDIA declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

The firm also recently announced 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 of this dividend is Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s payout ratio is 2.34%.

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.