NVIDIA Co. (NASDAQ:NVDA) Position Increased by AFG Fiduciary Services Limited Partnership

AFG Fiduciary Services Limited Partnership increased its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 853.1% during the second quarter, Holdings Channel reports. The fund owned 20,930 shares of the computer hardware maker’s stock after acquiring an additional 18,734 shares during the quarter. NVIDIA makes up 0.9% of AFG Fiduciary Services Limited Partnership’s holdings, making the stock its 16th largest holding. AFG Fiduciary Services Limited Partnership’s holdings in NVIDIA were worth $2,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in NVIDIA by 854.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after acquiring an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of NVIDIA by 696.6% in the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after purchasing an additional 71,757,065 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of 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 valued at $7,913,435,000 after purchasing an additional 57,160,191 shares during the period. Van ECK Associates Corp lifted its position in shares of NVIDIA by 741.8% in the second quarter. Van ECK Associates Corp now owns 40,008,518 shares of the computer hardware maker’s stock worth $4,942,652,000 after purchasing an additional 35,255,679 shares in the last quarter. Finally, Swedbank AB boosted its holdings in shares of NVIDIA by 798.8% during the second quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after purchasing an additional 34,678,944 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Down 2.1 %

NVDA opened at $121.40 on Friday. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $140.76. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.99 trillion, a price-to-earnings ratio of 70.99, a P/E/G ratio of 1.05 and a beta of 1.67. The business has a 50 day moving average of $115.88 and a 200-day moving average of $108.23.

NVIDIA (NASDAQ:NVDA) last posted 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 company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the prior year, the business earned $0.25 earnings per share. NVIDIA’s revenue for the quarter was up 122.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current year.

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

NVIDIA Cuts Dividend

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

Insider Activity at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the transaction, the chief executive officer now directly owns 77,094,995 shares in the company, valued at $7,694,851,450.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Mark A. Stevens sold 165,100 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $121.27, for a total value of $20,021,677.00. Following the completion of the transaction, the director now directly owns 8,420,117 shares in the company, valued at $1,021,107,588.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the transaction, the chief executive officer now owns 77,094,995 shares of the company’s stock, valued at $7,694,851,450.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,397,403 shares of company stock worth $526,762,784. 4.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NVDA shares. Loop Capital reiterated a “buy” rating and issued a $175.00 price objective on shares of NVIDIA in a research note on Monday, August 26th. Robert W. Baird upped their price target on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Westpark Capital lifted their price objective on NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Bank of America restated a “buy” rating and issued a $165.00 target price on shares of NVIDIA in a research note on Thursday, September 5th. Finally, Mizuho raised their price target on NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and an average target price of $142.10.

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.