NVIDIA Co. (NASDAQ:NVDA) is Sumitomo Life Insurance Co.’s 8th Largest Position

Sumitomo Life Insurance Co. lowered its holdings in NVIDIA Co. (NASDAQ:NVDA) by 1.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 517,221 shares of the computer hardware maker’s stock after selling 5,464 shares during the quarter. NVIDIA comprises 1.2% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 8th biggest holding. Sumitomo Life Insurance Co.’s holdings in NVIDIA were worth $62,811,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. boosted its stake in NVIDIA by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock valued at $34,597,000 after acquiring an additional 13,135 shares in the last quarter. DiNuzzo Private Wealth Inc. lifted its holdings in shares of NVIDIA by 35.2% in the 1st quarter. DiNuzzo Private Wealth Inc. now owns 165 shares of the computer hardware maker’s stock valued at $149,000 after purchasing an additional 43 shares during the last quarter. Advisory Alpha LLC grew its stake in NVIDIA by 21.1% during the 1st quarter. Advisory Alpha LLC now owns 8,710 shares of the computer hardware maker’s stock worth $7,871,000 after buying an additional 1,520 shares during the last quarter. Mittelman Wealth Management acquired a new position in NVIDIA during the first quarter worth approximately $492,000. Finally, Manchester Capital Management LLC lifted its stake in NVIDIA by 19.0% in the first quarter. Manchester Capital Management LLC now owns 10,094 shares of the computer hardware maker’s stock valued at $9,120,000 after buying an additional 1,610 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NVDA. Citigroup lifted their target price on shares of NVIDIA from $150.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Truist Financial raised their price target on NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a report on Tuesday. DA Davidson reaffirmed a “neutral” rating and set a $90.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Finally, TD Cowen upgraded NVIDIA to a “strong-buy” rating in a research note on Monday, September 16th. Five equities research 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $154.63.

NVIDIA Price Performance

NVIDIA stock opened at $147.01 on Wednesday. The firm’s 50-day moving average is $132.42 and its two-hundred day moving average is $121.37. 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 stock has a market capitalization of $3.61 trillion, a P/E ratio of 69.02, a P/E/G ratio of 1.49 and a beta of 1.66. NVIDIA Co. has a 12-month low of $45.01 and a 12-month high of $149.77.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping 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%. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 EPS. Equities analysts predict that NVIDIA Co. will post 2.67 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. Investors of record on Thursday, September 12th were given a dividend of $0.01 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 1.88%.

NVIDIA declared that its board has approved a stock buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Colette Kress sold 66,670 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $116.59, for a total transaction 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. The trade was a 1.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction 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 transaction, the director now directly owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This trade represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,156,270 shares of company stock valued at $254,784,327. 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.