Pettee Investors Inc. Buys 40,620 Shares of NVIDIA Co. (NASDAQ:NVDA)

Pettee Investors Inc. grew its stake in NVIDIA Co. (NASDAQ:NVDA) by 807.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,650 shares of the computer hardware maker’s stock after purchasing an additional 40,620 shares during the period. NVIDIA makes up approximately 2.7% of Pettee Investors Inc.’s portfolio, making the stock its 6th biggest holding. Pettee Investors Inc.’s holdings in NVIDIA were worth $5,640,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Lowe Wealth Advisors LLC purchased a new stake in shares of NVIDIA in the second quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. boosted its stake in shares of 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 in the last quarter. FPC Investment Advisory Inc. purchased a new stake in shares of NVIDIA in the first quarter valued at approximately $26,000. CGC Financial Services LLC purchased a new stake in shares of NVIDIA in the second quarter valued at approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of NVIDIA in the first quarter valued at approximately $27,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Price Performance

Shares of NASDAQ NVDA opened at $124.92 on Friday. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $140.76. The business has a 50-day moving average of $116.26 and a 200-day moving average of $109.21. 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 company has a market capitalization of $3.07 trillion, a price-to-earnings ratio of 73.05, a PEG ratio of 1.05 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share 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 business earned $0.25 earnings per share. The company’s revenue was up 122.4% compared to the same quarter last year. On average, equities analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA declared that its board has approved a share repurchase program on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s payout ratio is 2.34%.

Insider Transactions at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $128.60, for a total value of $15,432,000.00. Following the completion of the transaction, the chief executive officer now owns 79,494,995 shares of the company’s stock, valued at approximately $10,223,056,357. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the transaction, the insider now owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $128.60, for a total value of $15,432,000.00. Following the completion of the transaction, the chief executive officer now directly owns 79,494,995 shares of the company’s stock, valued at $10,223,056,357. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,077,403 shares of company stock valued at $486,699,184 over the last quarter. Company insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on NVDA. Loop Capital restated a “buy” rating and issued a $175.00 price target on shares of NVIDIA in a research note on Monday, August 26th. Needham & Company LLC boosted their target price on NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Rosenblatt Securities reiterated a “buy” rating and set a $200.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. UBS Group boosted their target price on NVIDIA from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Finally, Morgan Stanley boosted their target price on NVIDIA from $144.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Five investment 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $142.10.

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.