Meridian Wealth Partners LLC Acquires 23,363 Shares of NVIDIA Co. (NASDAQ:NVDA)

Meridian Wealth Partners LLC boosted its stake in NVIDIA Co. (NASDAQ:NVDA) by 816.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 26,225 shares of the computer hardware maker’s stock after purchasing an additional 23,363 shares during the quarter. NVIDIA makes up 0.6% of Meridian Wealth Partners LLC’s portfolio, making the stock its 23rd biggest holding. Meridian Wealth Partners LLC’s holdings in NVIDIA were worth $3,240,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NVDA. G2 Capital Management LLC OH boosted its position in NVIDIA by 900.4% during the 2nd quarter. G2 Capital Management LLC OH now owns 32,684 shares of the computer hardware maker’s stock valued at $4,038,000 after acquiring an additional 29,417 shares in the last quarter. RPg Family Wealth Advisory LLC lifted its stake in shares of NVIDIA by 997.6% in the 2nd quarter. RPg Family Wealth Advisory LLC now owns 70,771 shares of the computer hardware maker’s stock valued at $8,743,000 after purchasing an additional 64,323 shares during the period. Central Asset Investments & Management Holdings HK Ltd boosted its position in shares of NVIDIA by 1,696.2% during the second quarter. Central Asset Investments & Management Holdings HK Ltd now owns 236,162 shares of the computer hardware maker’s stock valued at $29,175,000 after purchasing an additional 223,014 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in NVIDIA by 1,114.1% in the second quarter. E Fund Management Co. Ltd. now owns 532,340 shares of the computer hardware maker’s stock worth $65,765,000 after purchasing an additional 488,492 shares in the last quarter. Finally, Wealth Alliance raised its holdings in NVIDIA by 881.1% in the second quarter. Wealth Alliance now owns 74,591 shares of the computer hardware maker’s stock worth $9,215,000 after purchasing an additional 66,988 shares in the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on NVDA shares. 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. Sanford C. Bernstein lifted their target price on shares of NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Piper Sandler reissued an “overweight” rating and issued a $140.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Bank of America lifted their price objective on NVIDIA from $165.00 to $190.00 and gave the company a “buy” rating in a research note on Friday. Finally, New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a research note on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $143.07.

Insiders Place Their Bets

In other news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now directly owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,876,270 shares of company stock worth $333,061,527 over the last three months. 4.23% of the stock is currently owned by company insiders.

NVIDIA Trading Up 4.1 %

NASDAQ:NVDA opened at $143.71 on Tuesday. The firm has a market capitalization of $3.53 trillion, a price-to-earnings ratio of 67.41, a price-to-earnings-growth ratio of 1.25 and a beta of 1.67. 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 has a fifty day moving average price of $122.58 and a 200-day moving average price of $112.92. NVIDIA Co. has a one year low of $39.23 and a one year high of $143.71.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping 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 business had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter in the prior year, the business posted $0.25 earnings per share. The business’s quarterly revenue was up 122.4% on a year-over-year basis. Sell-side analysts forecast that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 1.88%.

NVIDIA declared that its Board of Directors has authorized a share buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.