Palisades Hudson Asset Management L.P. Grows Position in NVIDIA Co. (NASDAQ:NVDA)

Palisades Hudson Asset Management L.P. raised its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 791.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,850 shares of the computer hardware maker’s stock after purchasing an additional 26,502 shares during the period. NVIDIA makes up approximately 1.7% of Palisades Hudson Asset Management L.P.’s holdings, making the stock its 16th largest holding. Palisades Hudson Asset Management L.P.’s holdings in NVIDIA were worth $3,687,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hamilton Wealth LLC lifted its position in NVIDIA by 0.3% during the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock valued at $2,839,000 after buying an additional 9 shares during the period. Brooklyn FI LLC grew its position in shares of NVIDIA by 2.5% in the 1st quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock worth $442,000 after buying an additional 12 shares during the period. Curran Financial Partners LLC increased its stake in shares of NVIDIA by 1.8% in the 1st quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock worth $625,000 after acquiring an additional 12 shares in the last quarter. Beacon Bridge Wealth Partners LLC lifted its position in NVIDIA by 2.6% during the 1st quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock valued at $428,000 after acquiring an additional 12 shares during the period. Finally, M. Kraus & Co boosted its stake in NVIDIA by 2.0% during the first quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock worth $594,000 after acquiring an additional 13 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Trading Down 2.1 %

NASDAQ:NVDA opened at $121.40 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The business’s 50-day simple moving average is $115.88 and its 200-day simple moving average is $108.35. The stock has a market capitalization 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 Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76.

NVIDIA (NASDAQ:NVDA) last issued 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. The company had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. NVIDIA’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. Sell-side analysts expect that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA announced that its board has authorized a share repurchase plan 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

NVIDIA Cuts Dividend

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

Insider Transactions at NVIDIA

In related news, Director Mark A. Stevens sold 165,100 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $121.27, for a total transaction of $20,021,677.00. Following the sale, the director now owns 8,420,117 shares of the company’s stock, valued at $1,021,107,588.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark A. Stevens sold 165,100 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $121.27, for a total transaction of $20,021,677.00. Following the sale, the director now directly owns 8,420,117 shares in the company, valued at approximately $1,021,107,588.59. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,277,403 shares of company stock valued at $512,029,184. 4.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $100.00 price target on shares of NVIDIA in a research note on Monday, August 5th. Morgan Stanley upped their target price on shares of NVIDIA from $144.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Susquehanna raised their price target on shares of NVIDIA from $120.00 to $145.00 and gave the company a “positive” rating in a research report on Monday, June 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $200.00 price objective on shares of NVIDIA in a research report on Thursday, August 29th. Finally, Truist Financial lifted their target price on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. Five 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 a consensus rating of “Moderate Buy” and an average target price of $142.10.

NVIDIA Company 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.