Horizon Wealth Management LLC Has $4.57 Million Stake in NVIDIA Co. (NASDAQ:NVDA)

Horizon Wealth Management LLC raised its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,096.2% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 36,974 shares of the computer hardware maker’s stock after purchasing an additional 33,883 shares during the period. NVIDIA makes up approximately 1.1% of Horizon Wealth Management LLC’s portfolio, making the stock its 16th biggest holding. Horizon Wealth Management LLC’s holdings in NVIDIA were worth $4,568,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Lowe Wealth Advisors LLC bought a new position in shares of NVIDIA during the 2nd quarter worth approximately $25,000. DHJJ Financial Advisors Ltd. lifted its position in shares of NVIDIA by 1,900.0% during the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after buying an additional 190 shares in the last quarter. FPC Investment Advisory Inc. bought a new position in shares of NVIDIA during the 1st quarter worth approximately $26,000. CGC Financial Services LLC bought a new position in shares of NVIDIA during the 2nd quarter worth approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. bought a new position in shares of NVIDIA during the 1st quarter worth approximately $27,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NVDA shares. Melius Research lifted their target price on shares of NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Morgan Stanley lifted their target price on shares of NVIDIA from $144.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. UBS Group lifted their price target on shares of NVIDIA from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, July 8th. JPMorgan Chase & Co. lifted their price target on shares of NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Finally, Raymond James lifted their price target on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Up 3.5 %

Shares of NASDAQ:NVDA opened at $106.47 on Tuesday. NVIDIA Co. has a 52-week low of $39.23 and a 52-week high of $140.76. The firm has a fifty day moving average of $118.26 and a 200 day moving average of $105.08. The firm has a market capitalization of $2.61 trillion, a PE ratio of 62.26, a price-to-earnings-growth ratio of 0.93 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 (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, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same period in the previous year, the business earned $0.25 earnings per share. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. As a group, research analysts anticipate that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors 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 annualized dividend and a yield of 0.04%. NVIDIA’s dividend payout ratio (DPR) is presently 2.34%.

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

Insider Buying and Selling

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the sale, the chief executive officer now directly owns 77,094,995 shares of the company’s stock, valued at $7,694,851,450.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the sale, the chief executive officer now directly owns 77,094,995 shares of the company’s stock, valued at $7,694,851,450.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $128.17, for a total transaction of $576,765.00. Following the completion of the sale, the insider now directly owns 503,878 shares of the company’s stock, valued at $64,582,043.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,725,633 shares of company stock worth $454,719,722. Corporate insiders own 4.23% of the company’s stock.

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.