Conning Inc. Raises Position in NVIDIA Co. (NASDAQ:NVDA)

Conning Inc. boosted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 853.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 206,622 shares of the computer hardware maker’s stock after buying an additional 184,959 shares during the period. Conning Inc.’s holdings in NVIDIA were worth $25,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Lowe Wealth Advisors LLC acquired a new position in shares of NVIDIA in the second quarter valued at about $25,000. DHJJ Financial Advisors Ltd. boosted its position in NVIDIA by 1,900.0% in the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after buying an additional 190 shares during the last quarter. FPC Investment Advisory Inc. acquired a new position in NVIDIA in the 1st quarter worth approximately $26,000. CGC Financial Services LLC purchased a new position in NVIDIA during the 2nd quarter worth approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new stake in NVIDIA during the 1st quarter valued at approximately $27,000. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

NVIDIA Price Performance

NVDA stock opened at $117.87 on Friday. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $140.76. The firm has a market capitalization of $2.90 trillion, a PE ratio of 68.93, a price-to-earnings-growth 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. The business has a 50 day simple moving average of $116.25 and a 200-day simple moving average of $106.75.

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 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 company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. The firm’s quarterly revenue was up 122.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 EPS. Equities research analysts anticipate 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 issued a $0.01 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s payout ratio is 2.34%.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on NVDA shares. Melius Research increased their price objective on shares of NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Argus lifted their price objective on NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Rosenblatt Securities restated a “buy” rating and issued a $200.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Tuesday, August 6th. Finally, TD Cowen raised NVIDIA to a “strong-buy” rating in a report on Monday. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Activity

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 transaction of $50,334,900.00. Following the sale, the director now owns 9,141,240 shares of the company’s stock, valued at approximately $1,195,125,717.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other NVIDIA news, Director Mark A. Stevens sold 385,000 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the completion of the sale, the director now owns 9,141,240 shares of the company’s stock, valued at $1,195,125,717.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Colette Kress sold 100,000 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $120.85, for a total value of $12,085,000.00. Following the completion of the transaction, the chief financial officer now directly owns 5,188,862 shares in the company, valued at approximately $627,073,972.70. The disclosure for this sale can be found here. Insiders sold a total of 3,621,133 shares of company stock valued at $435,749,957 in the last 90 days. Company 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.