Riggs Asset Managment Co. Inc. Raises Position in NVIDIA Co. (NASDAQ:NVDA)

Riggs Asset Managment Co. Inc. grew its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 7.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,143 shares of the computer hardware maker’s stock after buying an additional 7,588 shares during the quarter. NVIDIA makes up about 3.4% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 4th biggest position. Riggs Asset Managment Co. Inc.’s holdings in NVIDIA were worth $12,526,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. lifted its holdings in NVIDIA by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock valued at $34,597,000 after buying an additional 13,135 shares during the period. Western Pacific Wealth Management LP raised its holdings in shares of NVIDIA by 63.1% during the first quarter. Western Pacific Wealth Management LP now owns 4,047 shares of the computer hardware maker’s stock worth $3,657,000 after acquiring an additional 1,566 shares during the period. Plato Investment Management Ltd raised its holdings in shares of NVIDIA by 822.6% during the first quarter. Plato Investment Management Ltd now owns 54,726 shares of the computer hardware maker’s stock worth $49,448,000 after acquiring an additional 48,794 shares during the period. New Covenant Trust Company N.A. bought a new position in NVIDIA in the first quarter valued at $1,578,000. Finally, Montchanin Asset Management LLC bought a new position in NVIDIA in the first quarter valued at $1,355,000. 65.27% of the stock is owned by institutional investors.

NVIDIA Trading Down 1.8 %

NASDAQ:NVDA opened at $142.44 on Friday. The company has a fifty day moving average of $138.16 and a 200 day moving average of $125.58. NVIDIA Co. has a 52 week low of $45.60 and a 52 week high of $152.89. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $3.49 trillion, a P/E ratio of 56.06, a P/E/G ratio of 2.62 and a beta of 1.63.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The firm had revenue of $35.08 billion for the quarter, compared to the consensus estimate of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The company’s revenue was up 93.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 EPS. On average, research analysts predict that NVIDIA Co. will post 2.76 earnings per share for the current year.

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

NVIDIA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, December 5th. NVIDIA’s dividend payout ratio is currently 1.57%.

Insider Transactions at NVIDIA

In related news, Director John Dabiri sold 716 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $142.00, for a total value of $101,672.00. Following the completion of the sale, the director now directly owns 19,942 shares of the company’s stock, valued at approximately $2,831,764. This represents a 3.47 % decrease in their position. The transaction was disclosed in a legal 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, September 11th. The stock was sold at an average price of $111.83, for a total transaction of $13,419,600.00. Following the completion of the sale, the chief executive officer now directly owns 75,655,836 shares of the company’s stock, valued at $8,460,592,139.88. This represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,796,986 shares of company stock worth $214,418,399 in the last quarter. Company insiders own 4.23% of the company’s stock.

Wall Street Analyst Weigh In

NVDA has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of NVIDIA from $115.00 to $140.00 and gave the company a “hold” rating in a research report on Thursday, November 21st. William Blair assumed coverage on shares of NVIDIA in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Redburn Atlantic assumed coverage on shares of NVIDIA in a report on Tuesday, November 12th. They set a “buy” rating and a $178.00 target price on the stock. The Goldman Sachs Group upped their price objective on shares of NVIDIA from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, Susquehanna upped their price objective on shares of NVIDIA from $160.00 to $180.00 and gave the stock a “positive” rating in a report on Thursday, November 14th. Four research analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $164.15.

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.