Weatherly Asset Management L. P. Acquires 146,210 Shares of NVIDIA Co. (NASDAQ:NVDA)

Weatherly Asset Management L. P. grew its holdings in NVIDIA Co. (NASDAQ:NVDA) by 857.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 163,265 shares of the computer hardware maker’s stock after purchasing an additional 146,210 shares during the quarter. NVIDIA makes up 1.8% of Weatherly Asset Management L. P.’s investment portfolio, making the stock its 12th largest position. Weatherly Asset Management L. P.’s holdings in NVIDIA were worth $20,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of NVDA. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 8,828,050 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings 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 purchasing an additional 163,482,580 shares during the last quarter. Baillie Gifford & Co. lifted its holdings 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 purchasing an additional 71,757,065 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings 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 purchasing an additional 57,160,191 shares during the last quarter. Finally, Swedbank AB lifted its holdings 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 purchasing an additional 34,678,944 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Benchmark restated a “buy” rating and issued a $170.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Needham & Company LLC boosted their target price on NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Piper Sandler restated an “overweight” rating and issued a $140.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Wells Fargo & Company boosted their target price on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Finally, Barclays dropped their price target on NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Five investment analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Price Performance

NVIDIA stock opened at $121.40 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The firm has a market cap of $2.99 trillion, a P/E ratio of 70.99, a P/E/G ratio of 1.05 and a beta of 1.67. The business’s fifty day moving average is $115.88 and its two-hundred day moving average is $108.23. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $140.76.

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

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is presently 2.34%.

NVIDIA announced that its board has approved a share repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $122.78, for a total transaction of $14,733,600.00. Following the transaction, the chief executive officer now owns 79,974,995 shares of the company’s stock, valued at $9,819,329,886.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Ajay K. Puri sold 100,110 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $130.10, for a total value of $13,024,311.00. Following the completion of the sale, the executive vice president now owns 3,939,350 shares in the company, valued at $512,509,435. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $122.78, for a total value of $14,733,600.00. Following the completion of the sale, the chief executive officer now owns 79,974,995 shares of the company’s stock, valued at approximately $9,819,329,886.10. The disclosure for this sale can be found here. Insiders have sold 4,397,403 shares of company stock valued at $526,762,784 over the last 90 days. 4.23% of the stock is owned by company insiders.

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.