Patten Group Inc. Buys 225,362 Shares of NVIDIA Co. (NASDAQ:NVDA)

Patten Group Inc. grew its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 865.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 251,399 shares of the computer hardware maker’s stock after purchasing an additional 225,362 shares during the period. NVIDIA makes up 7.3% of Patten Group Inc.’s investment portfolio, making the stock its biggest holding. Patten Group Inc.’s holdings in NVIDIA were worth $31,058,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in NVDA. Baillie Gifford & Co. raised its holdings in shares of NVIDIA by 696.6% in the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock worth $10,137,521,000 after acquiring an additional 71,757,065 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in NVIDIA by 829.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock worth $7,913,435,000 after purchasing an additional 57,160,191 shares in the last quarter. Swedbank AB grew its position in 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 purchasing an additional 34,678,944 shares in the last quarter. Norges Bank bought a new stake in NVIDIA in the 4th quarter worth about $14,606,369,000. Finally, New York State Teachers Retirement System grew its position in NVIDIA by 852.4% in the 2nd 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 purchasing an additional 21,268,926 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NVDA shares. Loop Capital reaffirmed a “buy” rating and issued a $175.00 price objective on shares of NVIDIA in a research report on Monday, August 26th. JPMorgan Chase & Co. increased their target price on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Raymond James increased their target price on shares of NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Argus increased their target price on shares of NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Finally, Benchmark reissued a “buy” rating and set a $170.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.10.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 80,814,995 shares of the company’s stock, valued at approximately $10,980,333,370.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 80,814,995 shares of the company’s stock, valued at approximately $10,980,333,370.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Colette Kress sold 100,000 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $126.99, for a total transaction of $12,699,000.00. Following the completion of the sale, the chief financial officer now directly owns 5,288,862 shares in the company, valued at approximately $671,632,585.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,845,633 shares of company stock valued at $465,330,122. Insiders own 4.23% of the company’s stock.

NVIDIA Stock Performance

NVIDIA stock opened at $115.59 on Wednesday. The firm’s fifty day moving average price is $116.88 and its 200-day moving average price is $106.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The stock has a market cap of $2.84 trillion, a P/E ratio of 67.60, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76.

NVIDIA (NASDAQ:NVDA) last posted 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. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter last year, the company posted $0.25 EPS. The business’s quarterly revenue was up 122.4% on a year-over-year basis. On average, equities research analysts expect that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

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

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