First Bancorp Inc ME Purchases 9,277 Shares of NVIDIA Co. (NASDAQ:NVDA)

First Bancorp Inc ME boosted its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 872.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,340 shares of the computer hardware maker’s stock after buying an additional 9,277 shares during the period. NVIDIA makes up about 0.9% of First Bancorp Inc ME’s investment portfolio, making the stock its 23rd largest holding. First Bancorp Inc ME’s holdings in NVIDIA were worth $1,277,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. GUNN & Co INVESTMENT MANAGEMENT INC. boosted its stake in shares of NVIDIA by 155.6% in the 4th quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 1,403 shares of the computer hardware maker’s stock worth $695,000 after buying an additional 854 shares during the last quarter. Aveo Capital Partners LLC raised its stake in NVIDIA by 30.5% during the 4th quarter. Aveo Capital Partners LLC now owns 2,351 shares of the computer hardware maker’s stock valued at $1,164,000 after purchasing an additional 549 shares during the period. SYM FINANCIAL Corp lifted its holdings in shares of NVIDIA by 45.5% in the fourth quarter. SYM FINANCIAL Corp now owns 1,558 shares of the computer hardware maker’s stock worth $772,000 after buying an additional 487 shares in the last quarter. Clearstead Trust LLC grew its position in shares of NVIDIA by 26.4% during the fourth quarter. Clearstead Trust LLC now owns 7,096 shares of the computer hardware maker’s stock valued at $3,514,000 after purchasing an additional 1,483 shares in the last quarter. Finally, Cambridge Financial Group Inc. boosted its position in shares of NVIDIA by 4.3% during the 4th quarter. Cambridge Financial Group Inc. now owns 13,349 shares of the computer hardware maker’s stock valued at $6,611,000 after acquiring an additional 554 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

NVIDIA Stock Up 1.5 %

Shares of NVIDIA stock opened at $108.10 on Wednesday. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. NVIDIA Co. has a 52-week low of $39.23 and a 52-week high of $140.76. The company has a market capitalization of $2.66 trillion, a P/E ratio of 63.22, a P/E/G ratio of 0.93 and a beta of 1.67. The company has a 50 day moving average of $117.97 and a 200 day moving average of $105.29.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data 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 return on equity of 113.50% and a net margin of 55.04%. The business had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the prior year, the firm posted $0.25 EPS. The business’s quarterly revenue was up 122.4% compared to the same quarter last year. As a group, research analysts forecast that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 2.34%.

NVIDIA announced that its board has approved 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 purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Susquehanna raised their target price on shares of NVIDIA from $120.00 to $145.00 and gave the stock a “positive” rating in a report on Monday, June 10th. Loop Capital restated a “buy” rating and issued a $175.00 price target on shares of NVIDIA in a report on Monday, August 26th. Citigroup lifted their price objective on shares of NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Barclays lowered their price objective on shares of NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, June 10th. Finally, Robert W. Baird raised their target price on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Activity

In related news, Director Mark A. Stevens sold 385,000 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the completion of the sale, the director now owns 9,141,240 shares in the company, valued at approximately $1,195,125,717.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $128.17, for a total transaction of $576,765.00. Following the completion of the transaction, the insider now directly owns 503,878 shares of the company’s stock, valued at $64,582,043.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark A. Stevens sold 385,000 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total value of $50,334,900.00. Following the transaction, the director now directly owns 9,141,240 shares of the company’s stock, valued at $1,195,125,717.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,845,633 shares of company stock valued at $467,359,322. 4.23% of the stock is currently owned by company insiders.

NVIDIA 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.