NVIDIA Co. (NASDAQ:NVDA) Shares Purchased by Providence First Trust Co

Providence First Trust Co grew its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 955.0% during the second quarter, HoldingsChannel reports. The firm owned 35,300 shares of the computer hardware maker’s stock after buying an additional 31,954 shares during the period. NVIDIA accounts for 2.0% of Providence First Trust Co’s portfolio, making the stock its 14th largest position. Providence First Trust Co’s holdings in NVIDIA were worth $4,361,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of NVIDIA by 854.1% during the second 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 in 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 buying an additional 71,757,065 shares in 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 buying an additional 57,160,191 shares in the last quarter. Van ECK Associates Corp boosted its position in NVIDIA by 741.8% in the 2nd quarter. Van ECK Associates Corp now owns 40,008,518 shares of the computer hardware maker’s stock valued at $4,942,652,000 after buying an additional 35,255,679 shares during the last quarter. Finally, Swedbank AB grew its stake 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 valued at $4,820,576,000 after acquiring an additional 34,678,944 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Trading Up 1.6 %

NASDAQ:NVDA opened at $118.85 on Thursday. The stock has a market cap of $2.92 trillion, a price-to-earnings ratio of 69.50, a PEG ratio of 1.05 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $140.76. The business has a fifty day moving average of $115.81 and a 200-day moving average of $108.86.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $28.74 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. Equities analysts predict that NVIDIA Co. will post 2.65 earnings per share for the current year.

NVIDIA declared that its board has authorized a share buyback 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 often a sign that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be given 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 dividend payout ratio (DPR) is 2.34%.

Insider Buying and Selling at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $127.14, for a total value of $15,256,800.00. Following the completion of the sale, the chief executive officer now owns 79,614,995 shares in the company, valued at $10,122,250,464.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $127.14, for a total value of $15,256,800.00. Following the sale, the chief executive officer now directly owns 79,614,995 shares in the company, valued at approximately $10,122,250,464.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark A. Stevens sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $121.01, for a total transaction of $4,840,400.00. Following the sale, the director now owns 8,380,117 shares of the company’s stock, valued at $1,014,077,958.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,197,403 shares of company stock valued at $501,955,984. 4.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NVDA shares. DA Davidson reissued a “neutral” rating and issued a $90.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $175.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Wedbush reissued an “outperform” rating and set a $138.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Susquehanna upped their price target on shares of NVIDIA from $120.00 to $145.00 and gave the company a “positive” rating in a report on Monday, June 10th. Finally, HSBC increased their price objective on shares of NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, NVIDIA has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Company 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.