Van ECK Associates Corp Acquires 35,255,679 Shares of NVIDIA Co. (NASDAQ:NVDA)

Van ECK Associates Corp boosted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 741.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,008,518 shares of the computer hardware maker’s stock after buying an additional 35,255,679 shares during the quarter. NVIDIA accounts for 7.0% of Van ECK Associates Corp’s investment portfolio, making the stock its largest position. Van ECK Associates Corp’s holdings in NVIDIA were worth $4,942,652,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Lafayette Investments Inc. increased its position in shares of NVIDIA by 901.8% in the 2nd quarter. Lafayette Investments Inc. now owns 5,710 shares of the computer hardware maker’s stock valued at $705,000 after purchasing an additional 5,140 shares during the last quarter. BLB&B Advisors LLC increased its position in shares of NVIDIA by 843.8% in the 2nd quarter. BLB&B Advisors LLC now owns 570,768 shares of the computer hardware maker’s stock valued at $70,513,000 after purchasing an additional 510,294 shares during the last quarter. Cypress Point Wealth Management LLC increased its position in shares of NVIDIA by 772.8% in the 2nd quarter. Cypress Point Wealth Management LLC now owns 5,979 shares of the computer hardware maker’s stock valued at $739,000 after purchasing an additional 5,294 shares during the last quarter. McAdam LLC increased its position in shares of NVIDIA by 945.0% in the 2nd quarter. McAdam LLC now owns 84,614 shares of the computer hardware maker’s stock valued at $10,453,000 after purchasing an additional 76,517 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its position in shares of NVIDIA by 863.2% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 429,618 shares of the computer hardware maker’s stock valued at $53,075,000 after purchasing an additional 385,015 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NVDA has been the topic of a number of recent analyst reports. Argus increased their price objective on shares of NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Jefferies Financial Group increased their target price on shares of NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Benchmark reaffirmed a “buy” rating and issued a $170.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Citigroup increased their target price on shares of NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Finally, Westpark Capital increased their target price on shares of NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Five equities research 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 stock. Based on data from MarketBeat.com, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $134.10, for a total transaction of $16,092,000.00. Following the completion of the transaction, the chief executive officer now directly owns 79,254,995 shares in the company, valued at approximately $10,628,094,829.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other NVIDIA news, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the transaction, the chief financial officer now directly owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total transaction of $16,092,000.00. Following the sale, the chief executive officer now owns 79,254,995 shares of the company’s stock, valued at $10,628,094,829.50. The disclosure for this sale can be found here. In the last three months, insiders sold 4,397,403 shares of company stock worth $526,762,784. 4.23% of the stock is owned by corporate insiders.

NVIDIA Stock Down 2.1 %

Shares of NASDAQ NVDA opened at $121.40 on Friday. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $140.76. The firm has a 50-day moving average price of $115.88 and a 200 day moving average price of $108.23. The stock has a market capitalization of $2.99 trillion, a price-to-earnings ratio of 70.99, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter last year, the business earned $0.25 earnings per share. The business’s revenue for the quarter was up 122.4% compared to the same quarter last year. Equities research analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

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 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is currently 2.34%.

NVIDIA announced that its Board of Directors has approved a share 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 purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

NVIDIA 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.