Summit Wealth & Retirement Planning Inc. Has $1.16 Million Stake in NVIDIA Co. (NASDAQ:NVDA)

Summit Wealth & Retirement Planning Inc. decreased its position in NVIDIA Co. (NASDAQ:NVDA) by 14.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 9,508 shares of the computer hardware maker’s stock after selling 1,638 shares during the quarter. NVIDIA accounts for about 0.4% of Summit Wealth & Retirement Planning Inc.’s investment portfolio, making the stock its 24th biggest holding. Summit Wealth & Retirement Planning Inc.’s holdings in NVIDIA were worth $1,155,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in NVDA. Legal & General Group Plc grew its stake in NVIDIA by 884.0% in the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after buying an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after purchasing an additional 163,482,580 shares in the last quarter. Ameriprise Financial Inc. raised its position in NVIDIA by 870.3% in the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after purchasing an additional 91,867,031 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of NVIDIA by 1,123.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock worth $11,371,255,000 after buying an additional 84,515,429 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of NVIDIA by 808.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock valued at $10,215,474,000 after purchasing an additional 73,589,208 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Stock Performance

Shares of NVDA stock opened at $140.22 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10. NVIDIA Co. has a 52 week low of $47.32 and a 52 week high of $152.89. The company’s 50 day moving average price is $139.84 and its two-hundred day moving average price is $127.62. The company has a market capitalization of $3.43 trillion, a P/E ratio of 55.18, a price-to-earnings-growth ratio of 2.43 and a beta of 1.64.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The business had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The firm’s quarterly revenue was up 93.6% on a year-over-year basis. During the same period last year, the business posted $0.38 earnings per share. On average, analysts expect that NVIDIA Co. will post 2.78 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has authorized a share buyback 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 repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

NVIDIA Announces Dividend

The company 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 dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.57%.

Insider Buying and Selling

In other news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $131.26, for a total transaction of $131,260,000.00. Following the completion of the transaction, the director now directly owns 28,671,360 shares in the company, valued at $3,763,402,713.60. This represents a 3.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $135.28, for a total value of $608,760.00. Following the sale, the insider now owns 480,899 shares in the company, valued at $65,056,016.72. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,391,886 shares of company stock worth $181,666,050. 4.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NVDA has been the topic of several recent analyst reports. Wedbush boosted their target price on NVIDIA from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Evercore ISI boosted their price objective on NVIDIA from $189.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Rosenblatt Securities restated a “buy” rating and issued a $200.00 target price on shares of NVIDIA in a research note on Monday, November 18th. Robert W. Baird upped their price target on shares of NVIDIA from $150.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, Needham & Company LLC raised their price objective on shares of NVIDIA from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Four 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.15.

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.