Burney Co. Boosts Holdings in NVIDIA Co. (NASDAQ:NVDA)

Burney Co. boosted its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 958.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 295,611 shares of the computer hardware maker’s stock after acquiring an additional 267,672 shares during the quarter. NVIDIA accounts for approximately 1.4% of Burney Co.’s investment portfolio, making the stock its 7th biggest holding. Burney Co.’s holdings in NVIDIA were worth $36,520,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Client Services LLC raised its position in NVIDIA by 951.0% during the second quarter. Private Client Services LLC now owns 15,628 shares of the computer hardware maker’s stock worth $1,931,000 after acquiring an additional 14,141 shares in the last quarter. Meitav Investment House Ltd. raised its position in NVIDIA by 611.2% during the second quarter. Meitav Investment House Ltd. now owns 897,034 shares of the computer hardware maker’s stock worth $110,829,000 after acquiring an additional 770,902 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in shares of NVIDIA by 891.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,478,241 shares of the computer hardware maker’s stock valued at $182,622,000 after purchasing an additional 1,329,153 shares during the period. Whittier Trust Co. raised its position in shares of NVIDIA by 904.3% in the second quarter. Whittier Trust Co. now owns 3,826,979 shares of the computer hardware maker’s stock valued at $472,785,000 after purchasing an additional 3,445,916 shares during the period. Finally, Westchester Capital Management Inc. raised its position in shares of NVIDIA by 930.3% in the second quarter. Westchester Capital Management Inc. now owns 3,235 shares of the computer hardware maker’s stock valued at $400,000 after purchasing an additional 2,921 shares during the period. 65.27% of the stock is owned by institutional investors.

NVIDIA Trading Down 1.6 %

NVDA opened at $116.00 on Friday. The company’s 50 day moving average is $115.99 and its 200-day moving average is $107.11. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $140.76. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.85 trillion, a P/E ratio of 67.84, a PEG ratio of 1.06 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last posted its quarterly 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 net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same period last year, the company posted $0.25 EPS. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. Equities research analysts predict that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA declared that its board has initiated a stock repurchase program on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be paid a $0.01 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s payout ratio is currently 2.34%.

Insider Activity

In related news, Director Mark A. Stevens sold 385,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the transaction, 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 this link. In related news, Director Mark A. Stevens sold 385,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the transaction, 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 this link. Also, Director Mark A. Stevens sold 156,023 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $129.81, for a total transaction of $20,253,345.63. Following the completion of the transaction, the director now owns 8,585,217 shares of the company’s stock, valued at approximately $1,114,447,018.77. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,692,303 shares of company stock worth $444,047,307. Corporate insiders own 4.23% of the company’s stock.

Analyst Ratings Changes

NVDA has been the topic of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $140.00 price objective on shares of NVIDIA in a research report on Thursday, August 29th. JPMorgan Chase & Co. increased their price objective on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $175.00 price objective on shares of NVIDIA in a research report on Thursday, August 29th. Westpark Capital increased their price objective on shares of NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, DA Davidson reissued a “neutral” rating and issued a $90.00 price objective on shares of NVIDIA in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, NVIDIA presently has an average rating of “Moderate Buy” and an average price target of $142.10.

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.