NVIDIA Co. (NASDAQ:NVDA) Holdings Boosted by Summit Financial LLC

Summit Financial LLC increased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,142.7% during the second quarter, HoldingsChannel reports. The fund owned 300,549 shares of the computer hardware maker’s stock after buying an additional 276,364 shares during the period. NVIDIA comprises approximately 1.7% of Summit Financial LLC’s investment portfolio, making the stock its 10th biggest holding. Summit Financial LLC’s holdings in NVIDIA were worth $37,130,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after purchasing an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in shares of NVIDIA by 696.6% during 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 acquiring an additional 71,757,065 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of NVIDIA by 829.0% during 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 buying an additional 57,160,191 shares during the period. Van ECK Associates Corp grew its holdings in shares of NVIDIA by 741.8% during the 2nd 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 during the period. Finally, Swedbank AB lifted its holdings in shares of NVIDIA by 798.8% during the 2nd quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock valued at $4,820,576,000 after acquiring an additional 34,678,944 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insiders Place Their Bets

In other news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $124.28, for a total value of $14,913,600.00. Following the completion of the transaction, the chief executive officer now owns 79,734,995 shares in the company, valued at approximately $9,909,465,178.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the sale, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. The disclosure for this sale can be found here. Insiders have sold 4,277,403 shares of company stock worth $512,029,184 in the last ninety days. Insiders own 4.23% of the company’s stock.

Analyst Upgrades and Downgrades

NVDA has been the subject of several recent research reports. Evercore ISI lifted their price objective on shares of NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Melius Research increased their target price on shares of NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Sanford C. Bernstein upped their price objective on NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. William Blair initiated coverage on NVIDIA in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, Loop Capital reissued a “buy” rating and set a $175.00 target price on shares of NVIDIA in a research note on Monday, August 26th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

NVIDIA Price Performance

NVDA opened at $121.40 on Monday. The stock has a market cap of $2.99 trillion, a price-to-earnings ratio of 70.99, a PEG ratio of 1.05 and a beta of 1.67. The stock has a fifty day moving average price of $115.88 and a 200 day moving average price of $108.35. 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.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $28.74 billion. During the same quarter in the prior year, the company posted $0.25 EPS. The firm’s revenue was up 122.4% on a year-over-year basis. Analysts forecast that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA announced that its board has authorized a stock repurchase plan 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 purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

NVIDIA Cuts Dividend

The business also recently declared 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. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is presently 2.34%.

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.