NVIDIA Co. (NASDAQ:NVDA) Shares Purchased by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC lifted its holdings in NVIDIA Co. (NASDAQ:NVDA) by 3.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,888 shares of the computer hardware maker’s stock after acquiring an additional 924 shares during the period. NVIDIA makes up 1.4% of Palumbo Wealth Management LLC’s portfolio, making the stock its 18th biggest position. Palumbo Wealth Management LLC’s holdings in NVIDIA were worth $3,508,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Lowe Wealth Advisors LLC acquired a new position in shares of NVIDIA during the second quarter worth $25,000. DHJJ Financial Advisors Ltd. grew its stake in NVIDIA by 1,900.0% during the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after purchasing an additional 190 shares in the last quarter. Christopher J. Hasenberg Inc acquired a new position in NVIDIA during the 3rd quarter worth $27,000. CGC Financial Services LLC bought a new position in NVIDIA during the 2nd quarter worth approximately $26,000. Finally, Quest Partners LLC acquired a new stake in shares of NVIDIA during the second quarter worth $27,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Performance

NVIDIA stock opened at $137.34 on Friday. NVIDIA Co. has a twelve month low of $47.32 and a twelve month high of $152.89. The company has a market cap of $3.36 trillion, a PE ratio of 54.07, a price-to-earnings-growth ratio of 2.58 and a beta of 1.63. The company’s 50-day moving average price is $139.28 and its 200-day moving average price is $126.33. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 EPS for the quarter, beating the consensus estimate of $0.69 by $0.12. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The firm had revenue of $35.08 billion during the quarter, compared to analyst estimates of $33.15 billion. During the same period last year, the firm posted $0.38 EPS. NVIDIA’s revenue was up 93.6% on a year-over-year basis. On average, equities research analysts forecast that NVIDIA Co. will post 2.76 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.01 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 1.57%.

NVIDIA announced that its board has approved a stock repurchase 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 repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on NVDA shares. JPMorgan Chase & Co. increased their price target on NVIDIA from $155.00 to $170.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Benchmark increased their target price on NVIDIA from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Morgan Stanley increased their price objective on shares of NVIDIA from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. UBS Group lifted their price objective on shares of NVIDIA from $150.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Phillip Securities restated an “accumulate” rating and issued a $160.00 target price (up previously from $155.00) on shares of NVIDIA in a research report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and a consensus price target of $164.15.

Insider Activity

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’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 transaction, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This represents a 0.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Colette Kress sold 66,670 shares of the company’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 owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,556,986 shares of company stock worth $188,359,199 over the last 90 days. 4.23% of the stock is currently owned by company insiders.

About NVIDIA

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.