Independence Bank of Kentucky Acquires 51,193 Shares of NVIDIA Co. (NASDAQ:NVDA)

Independence Bank of Kentucky lifted its holdings in NVIDIA Co. (NASDAQ:NVDA) by 910.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,815 shares of the computer hardware maker’s stock after acquiring an additional 51,193 shares during the quarter. NVIDIA accounts for 1.9% of Independence Bank of Kentucky’s holdings, making the stock its 7th biggest position. Independence Bank of Kentucky’s holdings in NVIDIA were worth $7,019,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Optas LLC grew its position in NVIDIA by 930.2% during the second quarter. Optas LLC now owns 115,412 shares of the computer hardware maker’s stock valued at $14,258,000 after buying an additional 104,209 shares during the period. WT Asset Management Ltd grew its position in NVIDIA by 435.4% during the second quarter. WT Asset Management Ltd now owns 620,544 shares of the computer hardware maker’s stock valued at $76,662,000 after buying an additional 504,649 shares during the period. Clear Creek Financial Management LLC grew its position in NVIDIA by 933.5% during the second quarter. Clear Creek Financial Management LLC now owns 107,899 shares of the computer hardware maker’s stock valued at $13,330,000 after buying an additional 97,459 shares during the period. Aries Wealth Management grew its position in NVIDIA by 900.0% during the second quarter. Aries Wealth Management now owns 12,910 shares of the computer hardware maker’s stock valued at $1,595,000 after buying an additional 11,619 shares during the period. Finally, SNS Financial Group LLC grew its position in shares of NVIDIA by 1,462.8% in the second quarter. SNS Financial Group LLC now owns 14,768 shares of the computer hardware maker’s stock valued at $1,824,000 after purchasing an additional 13,823 shares during the period. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Price Performance

Shares of NVDA opened at $116.78 on Tuesday. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $140.76. The stock has a market cap of $2.87 trillion, a PE ratio of 68.29, a P/E/G ratio of 1.06 and a beta of 1.67. The firm has a 50-day simple moving average of $117.19 and a two-hundred day simple moving average of $106.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The firm had revenue of $30.04 billion during 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 quarterly revenue was up 122.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. As a group, analysts forecast that NVIDIA Co. will post 2.64 EPS for the current year.

NVIDIA declared that its board has approved a stock repurchase program on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Investors 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 of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is currently 2.34%.

Insider Activity at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $135.87, for a total value of $16,304,400.00. Following the completion of the transaction, the chief executive officer now owns 80,814,995 shares in the company, valued at $10,980,333,370.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other NVIDIA news, Director Mark A. Stevens sold 385,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the completion of the transaction, the director now owns 9,141,240 shares in the company, valued at approximately $1,195,125,717.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the transaction, the chief executive officer now owns 80,814,995 shares of the company’s stock, valued at approximately $10,980,333,370.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,845,633 shares of company stock worth $465,330,122. Corporate insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

NVDA has been the topic of several research analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $200.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Needham & Company LLC lifted their target price on shares of NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Oppenheimer reiterated an “outperform” rating and issued a $110.00 target price on shares of NVIDIA in a research report on Thursday, May 23rd. Tigress Financial lifted their target price on shares of NVIDIA from $98.50 to $170.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Finally, New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a research report on Tuesday, August 6th. Five research analysts have rated the stock with a hold rating, thirty-seven have issued 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 an average price target of $142.10.

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.