Raymond James Trust CO. of NH Acquires New Position in NVIDIA Co. (NASDAQ:NVDA)

Raymond James Trust CO. of NH bought a new position in NVIDIA Co. (NASDAQ:NVDA) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,130 shares of the computer hardware maker’s stock, valued at approximately $263,000. NVIDIA makes up about 2.4% of Raymond James Trust CO. of NH’s holdings, making the stock its 13th biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of NVDA. MinichMacGregor Wealth Management LLC boosted its position in NVIDIA by 775.1% during the second quarter. MinichMacGregor Wealth Management LLC now owns 86,538 shares of the computer hardware maker’s stock valued at $10,838,000 after buying an additional 76,649 shares during the period. Hills Bank & Trust Co boosted its holdings in NVIDIA by 816.9% during the 2nd quarter. Hills Bank & Trust Co now owns 256,228 shares of the computer hardware maker’s stock valued at $31,654,000 after acquiring an additional 228,283 shares during the period. Cypress Capital Group grew its position in NVIDIA by 920.9% during the 2nd quarter. Cypress Capital Group now owns 135,000 shares of the computer hardware maker’s stock worth $16,678,000 after acquiring an additional 121,776 shares during the last quarter. Raymond James Trust N.A. increased its stake in NVIDIA by 865.8% in the 2nd quarter. Raymond James Trust N.A. now owns 701,821 shares of the computer hardware maker’s stock worth $86,703,000 after purchasing an additional 629,150 shares during the period. Finally, Wedgewood Investors Inc. PA bought a new stake in NVIDIA in the second quarter valued at approximately $2,169,000. 65.27% of the stock is currently owned by institutional investors.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 385,000 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the transaction, the director now owns 9,141,240 shares of the company’s stock, valued at approximately $1,195,125,717.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Mark A. Stevens sold 385,000 shares of NVIDIA stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the sale, the director now directly owns 9,141,240 shares in the company, valued at $1,195,125,717.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the 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 transaction, 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 have sold 3,845,633 shares of company stock valued at $465,330,122 over the last ninety days. Insiders own 4.23% of the company’s stock.

Analyst Upgrades and Downgrades

NVDA has been the topic of several analyst reports. DZ Bank downgraded shares of NVIDIA from a “buy” rating to a “hold” rating and set a $102.50 target price on the stock. in a research note on Friday, May 24th. Truist Financial boosted their price objective on shares of NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Barclays dropped their target price on shares of NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Loop Capital restated a “buy” rating and set a $175.00 price target on shares of NVIDIA in a report on Monday, August 26th. Finally, Argus increased their price objective on NVIDIA from $110.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Five 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Stock Down 1.9 %

Shares of NVIDIA stock opened at $116.78 on Tuesday. The company has a 50-day simple moving average of $117.19 and a two-hundred day simple moving average of $106.39. The stock has a market capitalization of $2.87 trillion, a PE ratio of 68.29, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a 52-week low of $39.23 and a 52-week high of $140.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDA) last announced 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. 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 analyst estimates of $28.74 billion. During the same period in the previous year, the business earned $0.25 EPS. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. On average, analysts anticipate that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA announced that its board has initiated a share buyback plan on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis 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%.

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.