Empirical Asset Management LLC Increases Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Empirical Asset Management LLC increased its holdings in NVIDIA Co. (NASDAQ:NVDA) by 41.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,012 shares of the computer hardware maker’s stock after buying an additional 14,640 shares during the quarter. NVIDIA comprises approximately 0.7% of Empirical Asset Management LLC’s investment portfolio, making the stock its 29th largest holding. Empirical Asset Management LLC’s holdings in NVIDIA were worth $5,553,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its stake in NVIDIA by 884.0% in the 2nd 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 purchasing an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp raised its holdings 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 buying an additional 163,482,580 shares during the period. Ameriprise Financial Inc. lifted its position in NVIDIA by 870.3% in the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock valued at $12,658,922,000 after buying an additional 91,867,031 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake 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 worth $11,371,255,000 after buying an additional 84,515,429 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of NVIDIA by 808.6% during the second 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 last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Insiders Place Their Bets

In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction on Friday, September 20th. The shares were sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The trade was a 0.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction dated 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 sale, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. The trade was a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock worth $254,784,327 in the last 90 days. 4.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on NVDA shares. Wells Fargo & Company upped their price objective on shares of NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Cantor Fitzgerald restated an “overweight” rating and set a $175.00 price target on shares of NVIDIA in a research report on Tuesday, October 8th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $200.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Benchmark reissued a “buy” rating and set a $170.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Oppenheimer lifted their price objective on NVIDIA from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, NVIDIA has a consensus rating of “Moderate Buy” and an average target price of $152.40.

NVIDIA Stock Performance

Shares of NVDA opened at $141.98 on Friday. The company has a market capitalization of $3.48 trillion, a PE ratio of 66.66, a P/E/G ratio of 1.54 and a beta of 1.66. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The company has a 50-day simple moving average of $130.97 and a 200-day simple moving average of $120.08. NVIDIA Co. has a 52-week low of $45.01 and a 52-week high of $149.77.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the previous year, the business posted $0.25 earnings per share. The company’s revenue was up 122.4% on a year-over-year basis. Equities research analysts predict that NVIDIA Co. will post 2.66 earnings per share for the current fiscal year.

NVIDIA announced that its board has initiated 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 repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

NVIDIA Cuts Dividend

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