Schmidt P J Investment Management Inc. Boosts Position in NVIDIA Co. (NASDAQ:NVDA)

Schmidt P J Investment Management Inc. grew its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 895.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,214 shares of the computer hardware maker’s stock after buying an additional 53,266 shares during the period. NVIDIA accounts for approximately 1.3% of Schmidt P J Investment Management Inc.’s portfolio, making the stock its 21st largest holding. Schmidt P J Investment Management Inc.’s holdings in NVIDIA were worth $7,315,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of NVDA. BLB&B Advisors LLC raised its holdings in shares of NVIDIA by 843.8% in the 2nd quarter. BLB&B Advisors LLC now owns 570,768 shares of the computer hardware maker’s stock valued at $70,513,000 after acquiring an additional 510,294 shares in the last quarter. Cypress Point Wealth Management LLC increased its position in shares of NVIDIA by 772.8% in the second quarter. Cypress Point Wealth Management LLC now owns 5,979 shares of the computer hardware maker’s stock worth $739,000 after purchasing an additional 5,294 shares during the last quarter. McAdam LLC increased its position in shares of NVIDIA by 945.0% in the second quarter. McAdam LLC now owns 84,614 shares of the computer hardware maker’s stock worth $10,453,000 after purchasing an additional 76,517 shares during the last quarter. Perennial Advisors LLC raised its stake in NVIDIA by 910.9% in the second quarter. Perennial Advisors LLC now owns 147,838 shares of the computer hardware maker’s stock valued at $18,264,000 after purchasing an additional 133,213 shares in the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD lifted its position in NVIDIA by 752.9% during the second quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 56,720 shares of the computer hardware maker’s stock valued at $7,006,000 after purchasing an additional 50,070 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $124.88, for a total value of $14,985,600.00. Following the sale, the chief executive officer now owns 80,334,995 shares in the company, valued at $10,032,234,175.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $124.88, for a total value of $14,985,600.00. Following the sale, the chief executive officer now directly owns 80,334,995 shares of the company’s stock, valued at approximately $10,032,234,175.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Colette Kress sold 66,670 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the sale, the chief financial officer now owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. The disclosure for this sale can be found here. Insiders sold a total of 3,472,303 shares of company stock valued at $417,461,507 in the last three months. Company insiders own 4.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NVDA. Wells Fargo & Company raised their price objective on shares of NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. TD Cowen upgraded NVIDIA to a “strong-buy” rating in a research report on Monday, September 16th. Tigress Financial upped their price objective on NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. The Goldman Sachs Group reissued a “buy” rating and set a $135.00 price objective on shares of NVIDIA in a report on Monday, August 19th. Finally, Bank of America reaffirmed a “buy” rating and issued a $165.00 target price on shares of NVIDIA in a research note on Thursday, September 5th. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Stock Performance

NVIDIA stock opened at $116.00 on Monday. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76. The stock has a market cap of $2.85 trillion, a price-to-earnings ratio of 67.84, a PEG ratio of 1.06 and a beta of 1.67. The stock’s 50 day simple moving average is $115.99 and its two-hundred day simple moving average is $107.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDA) last issued 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 company had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. As a group, analysts expect that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

NVIDIA Cuts Dividend

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

NVIDIA Company 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.