Hemington Wealth Management Purchases 16,163 Shares of NVIDIA Co. (NASDAQ:NVDA)

Hemington Wealth Management boosted its position in NVIDIA Co. (NASDAQ:NVDA) by 976.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,818 shares of the computer hardware maker’s stock after buying an additional 16,163 shares during the period. NVIDIA makes up 0.7% of Hemington Wealth Management’s holdings, making the stock its 27th biggest holding. Hemington Wealth Management’s holdings in NVIDIA were worth $2,201,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of NVDA. Vanguard Group Inc. lifted its position in shares of NVIDIA by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after acquiring an additional 8,828,050 shares during the period. Bank of New York Mellon Corp grew its holdings in 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 worth $22,561,200,000 after purchasing an additional 163,482,580 shares during the period. Baillie Gifford & Co. increased its stake in NVIDIA by 696.6% in the second quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after purchasing an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of NVIDIA by 829.0% during the second 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 purchasing an additional 57,160,191 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of NVIDIA by 892.0% during the 2nd quarter. Rhumbline Advisers now owns 46,737,202 shares of the computer hardware maker’s stock worth $5,773,914,000 after purchasing an additional 42,025,613 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Mizuho boosted their target price on NVIDIA from $132.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Bank of America restated a “buy” rating and set a $165.00 price objective on shares of NVIDIA in a report on Thursday, September 5th. UBS Group increased their target price on NVIDIA from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, July 8th. JPMorgan Chase & Co. boosted their price target on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $135.00 price objective on shares of NVIDIA in a report on Monday, August 19th. Five investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Price Performance

NVIDIA stock opened at $118.85 on Thursday. 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 business’s 50 day simple moving average is $115.81 and its 200 day simple moving average is $108.86. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $140.76. The company has a market cap of $2.92 trillion, a price-to-earnings ratio of 69.50, a PEG ratio of 1.05 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, topping the consensus estimate 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 the consensus estimate of $28.74 billion. During the same quarter in the prior year, the company earned $0.25 EPS. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. Sell-side analysts forecast that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

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

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

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction that occurred on 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 directly owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Ajay K. Puri sold 100,110 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the sale, the executive vice president now directly owns 3,939,350 shares in the company, valued at $512,509,435. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 4,197,403 shares of company stock valued at $501,955,984 over the last quarter. Company insiders own 4.23% of the company’s stock.

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.