Abbot Financial Management Inc. Buys 71,472 Shares of NVIDIA Co. (NASDAQ:NVDA)

Abbot Financial Management Inc. boosted its holdings in NVIDIA Co. (NASDAQ:NVDA) by 813.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,253 shares of the computer hardware maker’s stock after acquiring an additional 71,472 shares during the quarter. NVIDIA accounts for 5.3% of Abbot Financial Management Inc.’s portfolio, making the stock its 3rd largest position. Abbot Financial Management Inc.’s holdings in NVIDIA were worth $9,914,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NVDA. Bank of New York Mellon Corp increased its position in NVIDIA by 854.1% in the 2nd 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 acquiring an additional 163,482,580 shares during the period. Dimensional Fund Advisors LP increased its position in NVIDIA by 1,123.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after acquiring an additional 84,515,429 shares during the period. Massachusetts Financial Services Co. MA increased its position in NVIDIA by 808.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock valued at $10,215,474,000 after acquiring an additional 73,589,208 shares during the period. Baillie Gifford & Co. increased its position in NVIDIA by 696.6% in the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after acquiring an additional 71,757,065 shares during the period. Finally, American Century Companies Inc. increased its position in NVIDIA by 882.4% in the 2nd quarter. American Century Companies Inc. now owns 73,648,364 shares of the computer hardware maker’s stock valued at $9,098,519,000 after acquiring an additional 66,151,750 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $117.24, for a total transaction of $14,068,800.00. Following the transaction, the chief executive officer now directly owns 78,054,995 shares in the company, valued at $9,151,167,613.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $117.24, for a total value of $14,068,800.00. Following the sale, the chief executive officer now directly owns 78,054,995 shares in the company, valued at approximately $9,151,167,613.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,876,270 shares of company stock worth $333,061,527 over the last three months. Company insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on NVDA shares. HSBC boosted their price objective on NVIDIA from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Jefferies Financial Group boosted their price objective on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Morgan Stanley restated an “overweight” rating and issued a $150.00 target price on shares of NVIDIA in a report on Thursday, October 10th. Citigroup lifted their price target on NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Loop Capital reiterated a “buy” rating and set a $175.00 price target on shares of NVIDIA in a report on Monday, August 26th. Five research 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $143.07.

NVIDIA Price Performance

NASDAQ NVDA opened at $138.00 on Monday. NVIDIA Co. has a twelve month low of $39.23 and a twelve month high of $140.89. 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 capitalization of $3.39 trillion, a PE ratio of 64.73, a P/E/G ratio of 1.25 and a beta of 1.67. The stock has a 50-day simple moving average of $121.88 and a 200 day simple moving average of $112.51.

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, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm 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 company posted $0.25 earnings per share. The company’s quarterly revenue was up 122.4% compared to the same quarter last year. Research analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA announced that its board has authorized a stock repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were paid a dividend of $0.01 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio is 1.88%.

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.