Connable Office Inc. Acquires 103,444 Shares of NVIDIA Co. (NASDAQ:NVDA)

Connable Office Inc. lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,069.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 113,118 shares of the computer hardware maker’s stock after acquiring an additional 103,444 shares during the quarter. NVIDIA makes up about 1.5% of Connable Office Inc.’s portfolio, making the stock its 15th biggest holding. Connable Office Inc.’s holdings in NVIDIA were worth $13,975,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its position in NVIDIA by 2.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 1,253,650 shares of the computer hardware maker’s stock worth $620,833,000 after acquiring an additional 31,004 shares during the last quarter. O Dell Group LLC lifted its holdings in NVIDIA by 10.6% during the 4th quarter. O Dell Group LLC now owns 597 shares of the computer hardware maker’s stock worth $296,000 after purchasing an additional 57 shares during the last quarter. Aspect Partners LLC bought a new stake in NVIDIA in the 4th quarter valued at $150,000. Harbour Investments Inc. grew its holdings in NVIDIA by 6.9% in the 4th quarter. Harbour Investments Inc. now owns 16,931 shares of the computer hardware maker’s stock valued at $8,385,000 after buying an additional 1,086 shares in the last quarter. Finally, Oarsman Capital Inc. increased its position in NVIDIA by 9.0% during the 4th quarter. Oarsman Capital Inc. now owns 7,777 shares of the computer hardware maker’s stock worth $3,851,000 after buying an additional 642 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

NVIDIA Stock Down 0.0 %

Shares of NVDA opened at $134.80 on Friday. The stock’s 50-day moving average price is $118.54 and its two-hundred day moving average price is $110.62. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $140.76. The company has a market capitalization of $3.31 trillion, a PE ratio of 63.23, a PEG ratio of 1.20 and a beta of 1.67. 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 announced its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS 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 business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the prior year, the business posted $0.25 earnings per share. The firm’s revenue was up 122.4% on a year-over-year basis. On average, analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio is presently 1.88%.

NVIDIA declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NVDA. Melius Research boosted their target price on shares of NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, June 21st. William Blair assumed coverage on shares of NVIDIA in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $100.00 target price on shares of NVIDIA in a report on Monday, August 5th. Truist Financial boosted their price target on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. Finally, Needham & Company LLC raised their price objective on NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Five investment 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $142.46.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the sale, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $128.92, for a total value of $15,470,400.00. Following the transaction, the chief executive officer now directly owns 78,894,995 shares of the company’s stock, valued at approximately $10,171,142,755.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now directly owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,356,270 shares of company stock worth $391,787,127 over the last quarter. Company insiders own 4.23% of the company’s stock.

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.