NVIDIA Co. (NASDAQ:NVDA) Position Lifted by Concorde Asset Management LLC

Concorde Asset Management LLC increased its stake in NVIDIA Co. (NASDAQ:NVDA) by 856.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,163 shares of the computer hardware maker’s stock after buying an additional 47,602 shares during the period. NVIDIA accounts for about 4.0% of Concorde Asset Management LLC’s portfolio, making the stock its 6th largest position. Concorde Asset Management LLC’s holdings in NVIDIA were worth $6,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in NVDA. Hillcrest Wealth Advisors NY LLC purchased a new position in NVIDIA in the 1st quarter worth about $299,000. &PARTNERS grew its holdings in NVIDIA by 216.0% during the 1st quarter. &PARTNERS now owns 13,627 shares of the computer hardware maker’s stock worth $12,313,000 after acquiring an additional 9,314 shares in the last quarter. Mountain Pacific Investment Advisers Inc. ID bought a new position in NVIDIA during the 1st quarter worth about $664,000. International Assets Investment Management LLC grew its holdings in NVIDIA by 16.6% during the 1st quarter. International Assets Investment Management LLC now owns 39,719 shares of the computer hardware maker’s stock worth $35,892,000 after acquiring an additional 5,660 shares in the last quarter. Finally, Unique Wealth LLC grew its holdings in NVIDIA by 29.7% during the 1st quarter. Unique Wealth LLC now owns 2,471 shares of the computer hardware maker’s stock worth $2,233,000 after acquiring an additional 566 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Performance

NVDA opened at $143.59 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The firm has a fifty day moving average price of $123.13 and a 200 day moving average price of $113.31. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $144.42. The stock has a market cap of $3.53 trillion, a P/E ratio of 83.97, a P/E/G ratio of 1.25 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last posted its 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 net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the previous year, the business posted $0.25 EPS. The business’s revenue was up 122.4% compared to the same quarter last year. Equities research analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its board has authorized a share buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and set a $150.00 target price on shares of NVIDIA in a report on Thursday, October 10th. Piper Sandler reiterated an “overweight” rating and set a $140.00 target price on shares of NVIDIA in a report on Thursday, August 29th. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Tuesday, August 6th. DA Davidson restated a “neutral” rating and issued a $90.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Finally, Raymond James raised their price target on shares of NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a report on Thursday, August 29th. 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 company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $143.07.

Insider Activity at NVIDIA

In related news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now directly owns 8,100,117 shares in the company, valued at $1,071,402,475.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now directly owns 8,100,117 shares in the company, valued at $1,071,402,475.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Colette Kress sold 66,670 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the transaction, the chief financial officer now owns 4,954,214 shares of the company’s stock, valued at $577,611,810.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,756,270 shares of company stock worth $318,992,727 in the last three months. Company insiders own 4.23% of the company’s stock.

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.