Eukles Asset Management Buys 155,668 Shares of NVIDIA Co. (NASDAQ:NVDA)

Eukles Asset Management lifted its stake in NVIDIA Co. (NASDAQ:NVDA) by 896.0% in the 2nd quarter, Holdings Channel reports. The firm owned 173,042 shares of the computer hardware maker’s stock after purchasing an additional 155,668 shares during the quarter. NVIDIA accounts for approximately 9.3% of Eukles Asset Management’s portfolio, making the stock its biggest position. Eukles Asset Management’s holdings in NVIDIA were worth $21,378,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in shares of NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after buying an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. increased its holdings in NVIDIA by 696.6% during the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after acquiring an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in NVIDIA by 829.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock valued at $7,913,435,000 after acquiring an additional 57,160,191 shares in the last quarter. Van ECK Associates Corp raised its position in NVIDIA by 741.8% during the second quarter. Van ECK Associates Corp now owns 40,008,518 shares of the computer hardware maker’s stock worth $4,942,652,000 after acquiring an additional 35,255,679 shares during the last quarter. Finally, Swedbank AB lifted its holdings in shares of NVIDIA by 798.8% in the second quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock valued at $4,820,576,000 after purchasing an additional 34,678,944 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Analyst Upgrades and Downgrades

NVDA has been the subject of several research reports. Robert W. Baird lifted their price objective on NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Susquehanna boosted their price target on NVIDIA from $120.00 to $145.00 and gave the stock a “positive” rating in a report on Monday, June 10th. Morgan Stanley increased their price objective on NVIDIA from $144.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. DA Davidson reissued a “neutral” rating and issued a $90.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Barclays reduced their target price on shares of NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Five 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 data from MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and an average target price of $142.10.

NVIDIA Price Performance

Shares of NVDA stock opened at $117.00 on Wednesday. The firm has a fifty day simple moving average of $115.72 and a 200-day simple moving average of $108.79. The company has a market capitalization of $2.88 trillion, a PE ratio of 68.42, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. NVIDIA Co. has a twelve month low of $39.23 and a twelve month 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.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the prior year, the company posted $0.25 EPS. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. Equities research analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

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 given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 12th. NVIDIA’s payout ratio is 2.34%.

NVIDIA declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $134.10, for a total transaction of $16,092,000.00. Following the completion of the transaction, the chief executive officer now directly owns 79,254,995 shares of the company’s stock, valued at approximately $10,628,094,829.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Mark A. Stevens sold 385,000 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the sale, the director now directly owns 9,141,240 shares of the company’s stock, valued at $1,195,125,717.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total value of $16,092,000.00. Following the transaction, the chief executive officer now directly owns 79,254,995 shares in the company, valued at approximately $10,628,094,829.50. The disclosure for this sale can be found here. In the last three months, insiders sold 4,197,403 shares of company stock worth $501,955,984. 4.23% of the stock is currently owned by insiders.

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.