Deroy & Devereaux Private Investment Counsel Inc. Boosts Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Deroy & Devereaux Private Investment Counsel Inc. grew its holdings in NVIDIA Co. (NASDAQ:NVDA) by 866.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,600 shares of the computer hardware maker’s stock after buying an additional 10,400 shares during the quarter. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in NVIDIA were worth $1,433,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NVDA. Bank of New York Mellon Corp increased its position in shares of NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after buying an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of 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 purchasing an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of 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 purchasing an additional 57,160,191 shares in the last quarter. Swedbank AB lifted its holdings in NVIDIA by 798.8% in the 2nd quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock valued at $4,820,576,000 after purchasing an additional 34,678,944 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its stake in NVIDIA by 852.4% during 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 during the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Mark A. Stevens sold 385,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 9,141,240 shares of the company’s stock, valued at $1,195,125,717.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other NVIDIA news, Director Mark A. Stevens sold 385,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total value of $50,334,900.00. Following the sale, the director now owns 9,141,240 shares of the company’s stock, valued at $1,195,125,717.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $134.10, for a total transaction of $16,092,000.00. Following the completion of the sale, the chief executive officer now directly owns 79,254,995 shares in the company, valued at approximately $10,628,094,829.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,472,303 shares of company stock valued at $417,461,507. Corporate insiders own 4.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NVDA. Needham & Company LLC increased 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. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $100.00 price objective on shares of NVIDIA in a report on Monday, August 5th. Mizuho increased their price objective on shares of NVIDIA from $132.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Bank of America reiterated a “buy” rating and issued a $165.00 price objective on shares of NVIDIA in a report on Thursday, September 5th. Finally, Morgan Stanley increased their price objective on shares of NVIDIA from $144.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, NVIDIA has a consensus rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA Trading Down 1.6 %

NASDAQ NVDA opened at $116.00 on Monday. 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 firm has a market cap of $2.85 trillion, a PE ratio of 67.84, a P/E/G ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a one year low of $39.23 and a one year high of $140.76. The firm’s fifty day moving average is $115.99 and its two-hundred day moving average is $107.24.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same period in the previous year, the business posted $0.25 earnings per share. The business’s revenue was up 122.4% compared to the same quarter last year. Analysts expect that NVIDIA Co. will post 2.64 earnings per share for the current year.

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

NVIDIA Cuts Dividend

The business 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 dividend of $0.01 per share. 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 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.