NVIDIA Co. (NASDAQ:NVDA) Shares Acquired by Cadence Wealth Management LLC

Cadence Wealth Management LLC lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 824.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 4,309 shares of the computer hardware maker’s stock after buying an additional 3,843 shares during the period. NVIDIA accounts for 0.4% of Cadence Wealth Management LLC’s investment portfolio, making the stock its 25th biggest holding. Cadence Wealth Management LLC’s holdings in NVIDIA were worth $532,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Lowe Wealth Advisors LLC acquired a new stake in shares of NVIDIA in the 2nd quarter valued at about $25,000. DHJJ Financial Advisors Ltd. lifted its stake 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 stake in shares of NVIDIA in the first quarter valued at approximately $26,000. CGC Financial Services LLC acquired a new position in shares of NVIDIA in the 2nd quarter valued at $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new stake in NVIDIA in the 1st quarter valued at $27,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

NVDA has been the topic of a number of recent research reports. Craig Hallum lifted their price objective on shares of NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Morgan Stanley boosted their price target on NVIDIA from $144.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Benchmark reiterated a “buy” rating and issued a $170.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. DA Davidson restated a “neutral” rating and set a $90.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Jefferies Financial Group lifted their price objective 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. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Price Performance

NVIDIA stock opened at $121.40 on Monday. The stock has a market capitalization 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. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. 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 firm’s 50-day moving average is $115.88 and its two-hundred day moving average is $108.35.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results 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 the consensus estimate of $28.74 billion. During the same period in the previous year, the firm posted $0.25 EPS. NVIDIA’s revenue was up 122.4% on a year-over-year basis. Equities analysts predict that NVIDIA Co. will post 2.65 earnings per share for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its board has authorized a stock buyback plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $124.28, for a total transaction of $14,913,600.00. Following the completion of the sale, the chief executive officer now directly owns 79,734,995 shares in the company, valued at approximately $9,909,465,178.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $124.28, for a total value of $14,913,600.00. Following the completion of the sale, the chief executive officer now directly owns 79,734,995 shares in the company, valued at approximately $9,909,465,178.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,277,403 shares of company stock valued at $512,029,184. 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.