Fort Pitt Capital Group LLC Acquires 45,757 Shares of NVIDIA Co. (NASDAQ:NVDA)

Fort Pitt Capital Group LLC grew its holdings in NVIDIA Co. (NASDAQ:NVDA) by 917.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,745 shares of the computer hardware maker’s stock after buying an additional 45,757 shares during the period. Fort Pitt Capital Group LLC’s holdings in NVIDIA were worth $6,269,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northeast Investment Management raised its stake in shares of NVIDIA by 859.1% during the second quarter. Northeast Investment Management now owns 1,349,609 shares of the computer hardware maker’s stock valued at $166,731,000 after acquiring an additional 1,208,895 shares in the last quarter. Zimmermann Investment Management & Planning LLC lifted its position in shares of NVIDIA by 892.9% during the second quarter. Zimmermann Investment Management & Planning LLC now owns 97,043 shares of the computer hardware maker’s stock valued at $11,989,000 after buying an additional 87,269 shares during the last quarter. Riversedge Advisors LLC boosted its stake in NVIDIA by 906.2% in the second quarter. Riversedge Advisors LLC now owns 23,705 shares of the computer hardware maker’s stock valued at $2,929,000 after acquiring an additional 21,349 shares in the last quarter. Kintegral Advisory LLC grew its stake in NVIDIA by 553.1% during the 2nd quarter. Kintegral Advisory LLC now owns 659,441 shares of the computer hardware maker’s stock worth $81,467,000 after buying an additional 558,466 shares during the last quarter. Finally, Presidio Capital Management LLC grew its stake in shares of NVIDIA by 1,014.7% during the second quarter. Presidio Capital Management LLC now owns 12,853 shares of the computer hardware maker’s stock worth $1,588,000 after acquiring an additional 11,700 shares during the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Insider Buying and Selling

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction that occurred 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 sale, the insider now owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction dated Friday, September 20th. The stock was 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the sale, the chief financial officer now owns 4,954,214 shares in the company, valued at $577,611,810.26. The disclosure for this sale can be found here. Insiders have sold a total of 3,692,303 shares of company stock valued at $444,047,307 over the last 90 days. 4.23% of the stock is owned by insiders.

NVIDIA Stock Down 1.6 %

NVDA opened at $116.00 on Friday. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $140.76. The stock has a market cap of $2.85 trillion, a PE ratio of 67.84, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. The stock’s fifty day simple moving average is $115.99 and its 200 day simple moving average is $106.97. 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 released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same period in the prior year, the company posted $0.25 EPS. The company’s revenue was up 122.4% compared to the same quarter last year. As a group, research analysts expect that NVIDIA Co. will post 2.64 earnings per share for the current year.

NVIDIA declared that its board has approved a share repurchase plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be issued 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 is Thursday, September 12th. NVIDIA’s payout ratio is 2.34%.

Analyst Ratings Changes

NVDA has been the topic of a number of research reports. StockNews.com lowered NVIDIA from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 18th. Citigroup raised their price target on shares of NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Morgan Stanley increased their target price on NVIDIA from $144.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Westpark Capital lifted their price objective on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Tigress Financial upped their target price on shares of NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.10.

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.