NVIDIA Co. (NASDAQ:NVDA) Shares Acquired by Westchester Capital Management Inc.

Westchester Capital Management Inc. grew its holdings in NVIDIA Co. (NASDAQ:NVDA) by 930.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,235 shares of the computer hardware maker’s stock after purchasing an additional 2,921 shares during the quarter. Westchester Capital Management Inc.’s holdings in NVIDIA were worth $400,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in NVIDIA by 4.3% during the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after acquiring an additional 8,828,050 shares during the last quarter. Bank of New York Mellon Corp boosted its position in NVIDIA by 854.1% during the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after acquiring an additional 163,482,580 shares during the last quarter. Baillie Gifford & Co. boosted its position in NVIDIA by 696.6% during 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 acquiring an additional 71,757,065 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in NVIDIA by 829.0% during the second 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 acquiring an additional 57,160,191 shares during the last quarter. Finally, Swedbank AB boosted its position in NVIDIA by 798.8% during the second quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after acquiring an additional 34,678,944 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $120.84, for a total value of $14,500,800.00. Following the completion of the transaction, the chief executive officer now directly owns 80,574,995 shares of the company’s stock, valued at approximately $9,736,682,395.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Colette Kress sold 100,000 shares of NVIDIA stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $120.85, for a total value of $12,085,000.00. Following the completion of the transaction, the chief financial officer now directly owns 5,188,862 shares of the company’s stock, valued at approximately $627,073,972.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $120.84, for a total transaction of $14,500,800.00. Following the completion of the transaction, the chief executive officer now directly owns 80,574,995 shares of the company’s stock, valued at $9,736,682,395.80. The disclosure for this sale can be found here. Insiders sold a total of 3,692,303 shares of company stock valued at $444,047,307 in the last ninety days. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Price Performance

Shares of NVDA stock opened at $116.00 on Friday. The firm has a market cap of $2.85 trillion, a P/E ratio of 67.84, a P/E/G ratio of 1.06 and a beta of 1.67. 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 Co. has a 1-year low of $39.23 and a 1-year high of $140.76. The firm has a fifty day moving average of $115.99 and a two-hundred day moving average of $107.11.

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, topping the consensus estimate of $0.64 by $0.04. The company had revenue of $30.04 billion during the quarter, compared to analyst estimates 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 last year, the business earned $0.25 EPS. As a group, research analysts anticipate that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA declared that its board has approved a stock buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders 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 yield of 0.03%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 2.34%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NVDA. Raymond James raised their target price on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. William Blair initiated coverage on shares of NVIDIA in a report on Wednesday. They issued an “outperform” rating on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $175.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Citigroup lifted their price target on shares of NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Tigress Financial lifted their price target on shares of NVIDIA from $98.50 to $170.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

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.