Canada Pension Plan Investment Board Raises Stake in NVIDIA Co. (NASDAQ:NVDA)

Canada Pension Plan Investment Board grew its position in NVIDIA Co. (NASDAQ:NVDA) by 875.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,524,413 shares of the computer hardware maker’s stock after purchasing an additional 33,678,644 shares during the period. NVIDIA comprises about 4.6% of Canada Pension Plan Investment Board’s portfolio, making the stock its largest position. Canada Pension Plan Investment Board owned about 0.15% of NVIDIA worth $4,635,766,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Single Point Partners LLC boosted its holdings in shares of NVIDIA by 4.0% in the 1st quarter. Single Point Partners LLC now owns 595 shares of the computer hardware maker’s stock worth $537,000 after buying an additional 23 shares during the last quarter. Abacus Planning Group Inc. grew its stake in shares of NVIDIA by 49.9% during the 1st quarter. Abacus Planning Group Inc. now owns 2,181 shares of the computer hardware maker’s stock worth $1,971,000 after acquiring an additional 726 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc. increased its holdings in NVIDIA by 0.6% in the 1st quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 7,788 shares of the computer hardware maker’s stock worth $7,037,000 after acquiring an additional 47 shares during the last quarter. True North Advisors LLC raised its stake in NVIDIA by 33.1% in the 1st quarter. True North Advisors LLC now owns 1,847 shares of the computer hardware maker’s stock valued at $1,669,000 after acquiring an additional 459 shares during the period. Finally, Cherrydale Wealth Management LLC lifted its holdings in NVIDIA by 16.7% during the first quarter. Cherrydale Wealth Management LLC now owns 1,924 shares of the computer hardware maker’s stock valued at $1,738,000 after purchasing an additional 276 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Colette Kress sold 66,670 shares of the stock in a transaction on Friday, September 20th. The shares were 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 directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Colette Kress sold 66,670 shares of the company’s stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction that occurred 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 sale, the director now directly owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. 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 over the last quarter. 4.23% of the stock is currently owned by corporate insiders.

NVIDIA Stock Down 2.8 %

NVIDIA stock opened at $139.56 on Thursday. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $144.42. The stock has a fifty day simple moving average of $123.56 and a two-hundred day simple moving average of $113.50. The firm has a market cap of $3.42 trillion, a price-to-earnings ratio of 65.46, a PEG ratio of 1.25 and a beta of 1.67. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.04. The firm had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’s quarterly revenue was up 122.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 earnings per share. Equities analysts predict that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA declared that its Board of Directors has approved a share repurchase program 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 programs are often a sign that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

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

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. TD Cowen raised shares of NVIDIA to a “strong-buy” rating in a research report on Monday, September 16th. Bank of America upped their price objective on NVIDIA from $165.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Citigroup boosted their price target on shares of NVIDIA from $126.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Truist Financial lifted their price target on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. Finally, UBS Group reaffirmed a “buy” rating and issued a $150.00 target price on shares of NVIDIA in a research note on Tuesday, October 8th. Five equities 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $143.07.

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.