Independence Bank of Kentucky Buys 31,316 Shares of NVIDIA Co. (NASDAQ:NVDA)

Independence Bank of Kentucky increased its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 55.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,131 shares of the computer hardware maker’s stock after acquiring an additional 31,316 shares during the quarter. NVIDIA makes up about 2.3% of Independence Bank of Kentucky’s portfolio, making the stock its 7th largest position. Independence Bank of Kentucky’s holdings in NVIDIA were worth $10,703,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of NVDA. FPC Investment Advisory Inc. purchased a new position in NVIDIA during the first quarter worth about $26,000. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of NVIDIA in the 1st quarter worth approximately $27,000. HBC Financial Services PLLC bought a new position in shares of NVIDIA in the first quarter valued at approximately $30,000. TCTC Holdings LLC purchased a new stake in shares of NVIDIA during the first quarter valued at approximately $82,000. Finally, Slocum Gordon & Co LLP purchased a new stake in shares of NVIDIA during the first quarter valued at approximately $98,000. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Stock Performance

Shares of NASDAQ NVDA opened at $148.29 on Wednesday. NVIDIA Co. has a 1 year low of $45.01 and a 1 year high of $149.77. 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 company’s fifty day moving average price is $127.79 and its 200 day moving average price is $118.90. The company has a market capitalization of $3.64 trillion, a PE ratio of 69.62, a price-to-earnings-growth ratio of 1.56 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion during 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 business’s revenue was up 122.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share. On average, research analysts predict that NVIDIA Co. will post 2.66 earnings per share for the current year.

NVIDIA Cuts Dividend

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

NVIDIA announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 28th that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Loop Capital restated a “buy” rating and set a $175.00 price objective on shares of NVIDIA in a report on Monday, August 26th. Wells Fargo & Company raised their price target on shares of NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. The Goldman Sachs Group upped their price objective on NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, October 11th. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a research report on Tuesday, August 6th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $200.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.00.

Insider Transactions at NVIDIA

In other news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was 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 $1,071,402,475.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was 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 owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,156,270 shares of company stock valued at $254,784,327. Corporate insiders own 4.23% of the company’s stock.

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.