RiverFront Investment Group LLC Acquires 558,159 Shares of NVIDIA Co. (NASDAQ:NVDA)

RiverFront Investment Group LLC lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 10,796.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 563,329 shares of the computer hardware maker’s stock after buying an additional 558,159 shares during the period. NVIDIA makes up about 1.8% of RiverFront Investment Group LLC’s holdings, making the stock its 17th largest holding. RiverFront Investment Group LLC’s holdings in NVIDIA were worth $69,594,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. FPC Investment Advisory Inc. acquired a new position in shares of NVIDIA during the 1st quarter worth approximately $26,000. Koesten Hirschmann & Crabtree INC. bought a new position in shares of NVIDIA in the first quarter valued at $27,000. HBC Financial Services PLLC acquired a new position in NVIDIA during the first quarter worth $30,000. TCTC Holdings LLC bought a new stake in NVIDIA during the first quarter worth $82,000. Finally, Slocum Gordon & Co LLP acquired a new stake in NVIDIA in the first quarter valued at $98,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

Analyst Upgrades and Downgrades

NVDA has been the topic of several recent analyst reports. DA Davidson restated a “neutral” rating and set a $90.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Craig Hallum boosted their price target on NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. HSBC raised their price objective on NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Bank of America boosted their target price on NVIDIA from $165.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $150.00 price target on shares of NVIDIA in a report on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.07.

Insider Buying and Selling

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.51, for a total value of $524,295.00. Following the sale, the insider now owns 492,409 shares in the company, valued at $57,370,572.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were 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 directly 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 position. The disclosure for this sale can be found here. Insiders sold a total of 2,516,270 shares of company stock worth $291,803,127 in the last three months. 4.23% of the stock is owned by corporate insiders.

NVIDIA Stock Up 2.0 %

NASDAQ NVDA opened at $135.40 on Friday. NVIDIA Co. has a fifty-two week low of $42.89 and a fifty-two week high of $144.42. The business has a fifty day moving average price of $125.25 and a two-hundred day moving average price of $116.01. 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 stock has a market capitalization of $3.32 trillion, a PE ratio of 63.57, a PEG ratio of 1.40 and a beta of 1.66.

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

NVIDIA Cuts Dividend

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

NVIDIA announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.