Pegasus Asset Management Inc. Buys 70,223 Shares of NVIDIA Co. (NASDAQ:NVDA)

Pegasus Asset Management Inc. increased its position in NVIDIA Co. (NASDAQ:NVDA) by 892.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 78,095 shares of the computer hardware maker’s stock after purchasing an additional 70,223 shares during the period. NVIDIA comprises about 3.7% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 6th biggest holding. Pegasus Asset Management Inc.’s holdings in NVIDIA were worth $9,648,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. SlateStone Wealth LLC grew its stake in NVIDIA by 655.8% in the 2nd quarter. SlateStone Wealth LLC now owns 244,237 shares of the computer hardware maker’s stock valued at $30,173,000 after buying an additional 211,920 shares during the last quarter. Rational Advisors LLC grew its position in NVIDIA by 418.8% during the second quarter. Rational Advisors LLC now owns 12,985 shares of the computer hardware maker’s stock worth $1,604,000 after buying an additional 10,482 shares in the last quarter. Bailard Inc. raised its stake in shares of NVIDIA by 827.9% in the second quarter. Bailard Inc. now owns 705,410 shares of the computer hardware maker’s stock valued at $87,146,000 after purchasing an additional 629,384 shares in the last quarter. Verdence Capital Advisors LLC boosted its position in shares of NVIDIA by 920.8% during the 2nd quarter. Verdence Capital Advisors LLC now owns 70,006 shares of the computer hardware maker’s stock valued at $8,648,000 after acquiring an additional 63,148 shares in the last quarter. Finally, Paulson Wealth Management Inc. grew its stake in shares of NVIDIA by 935.8% in the 2nd quarter. Paulson Wealth Management Inc. now owns 7,489 shares of the computer hardware maker’s stock valued at $925,000 after purchasing an additional 6,766 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NVDA shares. Citigroup boosted their target price on NVIDIA from $126.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $135.00 target price on shares of NVIDIA in a research note on Monday, August 19th. Susquehanna increased their price target on shares of NVIDIA from $120.00 to $145.00 and gave the company a “positive” rating in a research note on Monday, June 10th. StockNews.com cut NVIDIA from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 18th. Finally, HSBC increased their price objective on shares of NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA Stock Down 1.0 %

Shares of NASDAQ:NVDA opened at $115.59 on Wednesday. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.84 trillion, a price-to-earnings ratio of 67.60, a PEG ratio of 1.06 and a beta of 1.67. The business’s 50 day moving average is $116.88 and its 200 day moving average is $106.63.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.04. The business 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 firm’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 earnings per share. On average, sell-side analysts forecast that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding 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 usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $135.87, for a total transaction 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 through the SEC website. In related news, EVP Ajay K. Puri sold 100,110 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was 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 in the company, valued at $512,509,435. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’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 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 disclosure for this sale can be found here. Insiders have sold a total of 3,845,633 shares of company stock worth $465,330,122 over the last ninety days. 4.23% of the stock is currently owned by company insiders.

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.