Cypress Capital Group Increases Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Cypress Capital Group lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 920.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,000 shares of the computer hardware maker’s stock after buying an additional 121,776 shares during the period. NVIDIA makes up 2.0% of Cypress Capital Group’s portfolio, making the stock its 7th biggest position. Cypress Capital Group’s holdings in NVIDIA were worth $16,678,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Baillie Gifford & Co. boosted its holdings 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 worth $10,137,521,000 after purchasing an additional 71,757,065 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of NVIDIA by 829.0% during the 2nd 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 buying an additional 57,160,191 shares during the period. Swedbank AB boosted its stake in shares of NVIDIA by 798.8% in the 2nd quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after buying an additional 34,678,944 shares during the last quarter. Norges Bank bought a new stake in shares of NVIDIA in the fourth quarter worth $14,606,369,000. Finally, New York State Teachers Retirement System grew its holdings in shares of NVIDIA by 852.4% in the second quarter. New York State Teachers Retirement System now owns 23,764,084 shares of the computer hardware maker’s stock worth $2,935,815,000 after acquiring an additional 21,268,926 shares during the period. 65.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on NVDA shares. Truist Financial raised their target price on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Wedbush reissued an “outperform” rating and issued a $138.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. TD Cowen boosted their target price on shares of NVIDIA from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Oppenheimer reiterated an “outperform” rating and issued a $110.00 price target on shares of NVIDIA in a research report on Thursday, May 23rd. Finally, Loop Capital reissued a “buy” rating and set a $175.00 price objective on shares of NVIDIA in a research report on Monday, August 26th. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.10.

Insider Transactions at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the sale, the chief executive officer now owns 77,094,995 shares in the company, valued at approximately $7,694,851,450.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Ajay K. Puri sold 100,110 shares of NVIDIA stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the completion of the transaction, the executive vice president now directly owns 3,939,350 shares of the company’s stock, valued at approximately $512,509,435. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the transaction, the chief executive officer now owns 77,094,995 shares in the company, valued at $7,694,851,450.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,845,633 shares of company stock worth $465,330,122. 4.23% of the stock is currently owned by company insiders.

NVIDIA Price Performance

NVIDIA stock opened at $116.78 on Tuesday. NVIDIA Co. has a 52-week low of $39.23 and a 52-week high of $140.76. The company has a market cap of $2.87 trillion, a price-to-earnings ratio of 68.29, a PEG ratio of 1.06 and a beta of 1.67. The firm’s fifty day moving average is $117.19 and its 200 day moving average is $106.39. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last announced 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. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business’s revenue was up 122.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 EPS. Sell-side analysts forecast that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is 2.34%.

NVIDIA declared that its Board of Directors has initiated a stock buyback plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

NVIDIA 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.