Cedar Wealth Management LLC Acquires 14,061 Shares of NVIDIA Co. (NASDAQ:NVDA)

Cedar Wealth Management LLC increased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 2,709.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,580 shares of the computer hardware maker’s stock after purchasing an additional 14,061 shares during the period. NVIDIA makes up 0.6% of Cedar Wealth Management LLC’s portfolio, making the stock its 24th biggest position. Cedar Wealth Management LLC’s holdings in NVIDIA were worth $1,801,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bank of New York Mellon Corp lifted its position in NVIDIA by 854.1% in the 2nd 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 acquiring an additional 163,482,580 shares in the last quarter. Dimensional Fund Advisors LP raised its position in NVIDIA by 1,123.2% during the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock worth $11,371,255,000 after acquiring an additional 84,515,429 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of NVIDIA by 808.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock valued at $10,215,474,000 after purchasing an additional 73,589,208 shares during the period. Baillie Gifford & Co. lifted its stake in NVIDIA by 696.6% in 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 purchasing an additional 71,757,065 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in NVIDIA by 882.4% during the second quarter. American Century Companies Inc. now owns 73,648,364 shares of the computer hardware maker’s stock worth $9,098,519,000 after purchasing an additional 66,151,750 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NVDA shares. Needham & Company LLC raised their price objective on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. DA Davidson reaffirmed a “neutral” rating and set a $90.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Loop Capital reiterated a “buy” rating and issued a $175.00 price objective on shares of NVIDIA in a report on Monday, August 26th. Bank of America increased their price objective on shares of NVIDIA from $165.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, William Blair initiated coverage on shares of NVIDIA in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $143.07.

NVIDIA Stock Up 0.6 %

Shares of NASDAQ NVDA opened at $140.41 on Friday. The company’s 50 day moving average price is $123.56 and its 200-day moving average price is $113.50. 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 52-week low of $39.23 and a 52-week high of $144.42. The company has a market capitalization of $3.44 trillion, a P/E ratio of 65.86, a price-to-earnings-growth ratio of 1.52 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the previous year, the business earned $0.25 earnings per share. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. Equities analysts forecast that NVIDIA Co. will post 2.65 earnings per share for the current year.

NVIDIA Cuts Dividend

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

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

Insider Buying and Selling at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $113.04, for a total value of $13,564,800.00. Following the completion of the sale, the chief executive officer now owns 77,334,995 shares in the company, valued at $8,741,947,834.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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 transaction of $119,270,000.00. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $113.04, for a total value of $13,564,800.00. Following the completion of the sale, the chief executive officer now directly owns 77,334,995 shares of the company’s stock, valued at $8,741,947,834.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,636,270 shares of company stock valued at $305,367,927. 4.23% of the stock is currently owned by company insiders.

About NVIDIA

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.