Patrick M Sweeney & Associates Inc. Acquires 1,482 Shares of NVIDIA Co. (NASDAQ:NVDA)

Patrick M Sweeney & Associates Inc. lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 27.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 6,812 shares of the computer hardware maker’s stock after purchasing an additional 1,482 shares during the period. Patrick M Sweeney & Associates Inc.’s holdings in NVIDIA were worth $827,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. University of Texas Texas AM Investment Management Co. increased its position in NVIDIA by 897.5% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 119,110 shares of the computer hardware maker’s stock worth $14,715,000 after purchasing an additional 107,169 shares during the period. Truepoint Inc. lifted its position in NVIDIA by 914.1% during the 2nd quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock valued at $1,605,000 after purchasing an additional 11,709 shares during the period. Westwood Holdings Group Inc. boosted its stake in shares of NVIDIA by 683.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker’s stock valued at $29,505,000 after purchasing an additional 208,362 shares during the last quarter. Narwhal Capital Management grew its position in shares of NVIDIA by 5.1% during the 3rd quarter. Narwhal Capital Management now owns 545,676 shares of the computer hardware maker’s stock worth $66,267,000 after buying an additional 26,373 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of NVIDIA by 884.0% during the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after buying an additional 191,469,114 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NVDA. Wells Fargo & Company raised their price objective on shares of NVIDIA from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. William Blair assumed coverage on NVIDIA in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Westpark Capital lifted their price objective on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. The Goldman Sachs Group increased their target price on NVIDIA from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, TD Cowen boosted their target price on NVIDIA from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.15.

NVIDIA Price Performance

NASDAQ:NVDA opened at $138.63 on Tuesday. The stock has a market capitalization of $3.40 trillion, a PE ratio of 54.58, a P/E/G ratio of 2.50 and a beta of 1.66. NVIDIA Co. has a 1-year low of $45.01 and a 1-year high of $152.89. The firm has a fifty day simple moving average of $136.05 and a 200 day simple moving average of $124.11. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The company had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. During the same period in the previous year, the business earned $0.38 EPS. NVIDIA’s revenue for the quarter was up 93.6% compared to the same quarter last year. On average, research analysts expect that NVIDIA Co. will post 2.76 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be given a $0.01 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s payout ratio is 1.57%.

NVIDIA declared that its board has approved a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $105.33, for a total transaction of $12,639,600.00. Following the completion of the sale, the chief executive officer now owns 75,895,836 shares of the company’s stock, valued at $7,994,108,405.88. This trade represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the transaction, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. This represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,916,986 shares of company stock worth $227,311,199. 4.23% of the stock is owned by company insiders.

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.