Newport Capital Group LLC Makes New $671,000 Investment in NVIDIA Co. (NASDAQ:NVDA)

Newport Capital Group LLC acquired a new stake in shares of NVIDIA Co. (NASDAQ:NVDA) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,430 shares of the computer hardware maker’s stock, valued at approximately $671,000. NVIDIA accounts for 0.5% of Newport Capital Group LLC’s investment portfolio, making the stock its 28th largest position.

A number of other large investors have also modified their holdings of NVDA. Vanguard Group Inc. raised its stake in shares of NVIDIA by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after buying an additional 8,828,050 shares in the last quarter. Legal & General Group Plc increased its stake in NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after acquiring an additional 191,469,114 shares during the period. Bank of New York Mellon Corp raised its position in 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 worth $22,561,200,000 after purchasing an additional 163,482,580 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in NVIDIA by 870.3% during the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after purchasing an additional 91,867,031 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in NVIDIA by 1,123.2% during the second 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 purchasing an additional 84,515,429 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at NVIDIA

In other news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the completion of the transaction, the chief executive officer now directly owns 77,094,995 shares in the company, valued at $7,694,851,450.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction dated 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 sale, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,516,270 shares of company stock worth $291,803,127. Corporate insiders own 4.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on NVDA shares. Wells Fargo & Company raised their target price on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Robert W. Baird lifted their price objective on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $200.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Wedbush reissued an “outperform” rating and set a $138.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Finally, Raymond James upped their price objective on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, NVIDIA has a consensus rating of “Moderate Buy” and an average price target of $143.07.

NVIDIA Stock Performance

Shares of NASDAQ:NVDA opened at $132.76 on Friday. The company has a market capitalization of $3.26 trillion, a price-to-earnings ratio of 62.33, a P/E/G ratio of 1.50 and a beta of 1.67. The firm’s 50 day simple moving average is $125.13 and its 200 day simple moving average is $115.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $144.42.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter last year, the firm posted $0.25 earnings per share. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. As a group, sell-side analysts forecast that NVIDIA Co. will post 2.65 earnings per share for the current year.

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

NVIDIA Cuts Dividend

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

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.