Argyle Capital Management Inc. Grows Position in NVIDIA Co. (NASDAQ:NVDA)

Argyle Capital Management Inc. boosted its stake in NVIDIA Co. (NASDAQ:NVDA) by 900.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,500 shares of the computer hardware maker’s stock after purchasing an additional 3,150 shares during the quarter. Argyle Capital Management Inc.’s holdings in NVIDIA were worth $432,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Blue Chip Partners LLC grew its holdings in NVIDIA by 943.6% in the second quarter. Blue Chip Partners LLC now owns 16,092 shares of the computer hardware maker’s stock valued at $1,988,000 after purchasing an additional 14,550 shares during the period. FAS Wealth Partners Inc. grew its holdings in NVIDIA by 963.0% in the second quarter. FAS Wealth Partners Inc. now owns 123,243 shares of the computer hardware maker’s stock valued at $15,225,000 after purchasing an additional 111,649 shares during the period. Rowlandmiller & PARTNERS.ADV grew its stake in NVIDIA by 894.7% during the second quarter. Rowlandmiller & PARTNERS.ADV now owns 41,650 shares of the computer hardware maker’s stock worth $5,145,000 after buying an additional 37,463 shares during the period. Kraft Davis & Associates LLC grew its stake in NVIDIA by 918.1% during the second quarter. Kraft Davis & Associates LLC now owns 29,343 shares of the computer hardware maker’s stock worth $3,302,000 after buying an additional 26,461 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in NVIDIA by 704.8% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 13,271 shares of the computer hardware maker’s stock worth $1,639,000 after buying an additional 11,622 shares during the period. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

NVIDIA Stock Performance

Shares of NVDA opened at $116.00 on Monday. The firm has a 50-day moving average price of $115.99 and a 200 day moving average price of $107.24. The firm has a market capitalization of $2.85 trillion, a PE ratio of 67.84, a P/E/G ratio of 1.06 and a beta of 1.67. 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.

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, 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 firm had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. On average, sell-side analysts anticipate that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be given a dividend of $0.01 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 2.34%.

NVIDIA announced that its board has initiated a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NVDA. William Blair began coverage on shares of NVIDIA in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Needham & Company LLC upped their price target on shares of NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $175.00 price target on shares of NVIDIA in a report on Thursday, August 29th. StockNews.com cut shares of NVIDIA from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 18th. Finally, Wells Fargo & Company increased their target price on shares of NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Activity

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the transaction, the insider now directly owns 492,409 shares in the company, valued at $57,370,572.59. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the transaction, the chief financial officer now owns 4,954,214 shares of the company’s stock, valued at $577,611,810.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,472,303 shares of company stock worth $417,461,507. Corporate insiders own 4.23% of the company’s stock.

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.