Spire Wealth Management Raises Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Spire Wealth Management boosted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 774.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 726,789 shares of the computer hardware maker’s stock after purchasing an additional 643,654 shares during the quarter. NVIDIA comprises 3.2% of Spire Wealth Management’s portfolio, making the stock its 3rd biggest holding. Spire Wealth Management’s holdings in NVIDIA were worth $89,759,000 as of its most recent SEC filing.

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

NVIDIA Trading Down 2.1 %

NVIDIA stock opened at $121.40 on Friday. The stock has a 50-day moving average of $115.88 and a two-hundred day moving average of $108.23. 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 Co. has a one year low of $39.23 and a one year high of $140.76. The stock has a market cap of $2.99 trillion, a PE ratio of 70.99, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS 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 company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same period last year, the business posted $0.25 earnings per share. The firm’s revenue was up 122.4% compared to the same quarter last year. On average, research analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

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

NVIDIA Cuts Dividend

The company also recently disclosed 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. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 12th. NVIDIA’s payout ratio is 2.34%.

Insider Transactions at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $124.28, for a total transaction of $14,913,600.00. Following the sale, the chief executive officer now directly owns 79,734,995 shares of the company’s stock, valued at $9,909,465,178.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $130.10, for a total value of $13,024,311.00. Following the sale, the executive vice president now directly owns 3,939,350 shares of the company’s stock, valued at $512,509,435. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $124.28, for a total value of $14,913,600.00. Following the completion of the sale, the chief executive officer now directly owns 79,734,995 shares in the company, valued at $9,909,465,178.60. The disclosure for this sale can be found here. Insiders sold a total of 4,397,403 shares of company stock worth $526,762,784 over the last three months. 4.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays decreased their price target on NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Citigroup upped their price objective on NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Evercore ISI upped their price objective on NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Mizuho upped their price objective on NVIDIA from $132.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Tigress Financial upped their price objective on NVIDIA from $98.50 to $170.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, NVIDIA currently has an average rating of “Moderate Buy” and a consensus 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.