Palisades Hudson Asset Management L.P. Acquires 1,059 Shares of NVIDIA Co. (NASDAQ:NVDA)

Palisades Hudson Asset Management L.P. grew its stake in NVIDIA Co. (NASDAQ:NVDA) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,909 shares of the computer hardware maker’s stock after acquiring an additional 1,059 shares during the quarter. NVIDIA comprises about 1.6% of Palisades Hudson Asset Management L.P.’s portfolio, making the stock its 16th biggest position. Palisades Hudson Asset Management L.P.’s holdings in NVIDIA were worth $3,754,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in NVDA. University of Texas Texas AM Investment Management Co. raised its position in shares of NVIDIA by 897.5% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 119,110 shares of the computer hardware maker’s stock valued at $14,715,000 after purchasing an additional 107,169 shares during the last quarter. Truepoint Inc. lifted its stake in shares of NVIDIA by 914.1% during the second quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock worth $1,605,000 after buying an additional 11,709 shares during the period. Westwood Holdings Group Inc. grew its holdings in shares of NVIDIA by 683.9% during the second quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker’s stock valued at $29,505,000 after buying an additional 208,362 shares during the last quarter. Narwhal Capital Management increased its position in shares of NVIDIA by 5.1% in the 3rd quarter. Narwhal Capital Management now owns 545,676 shares of the computer hardware maker’s stock valued at $66,267,000 after acquiring an additional 26,373 shares during the period. Finally, Blue Square Asset Management LLC raised its stake in NVIDIA by 26.7% in the 3rd quarter. Blue Square Asset Management LLC now owns 48,093 shares of the computer hardware maker’s stock worth $5,840,000 after acquiring an additional 10,136 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

NVIDIA Stock Performance

NVIDIA stock opened at $130.39 on Wednesday. The firm has a 50 day simple moving average of $139.79 and a 200-day simple moving average of $127.07. The stock has a market cap of $3.19 trillion, a price-to-earnings ratio of 51.33, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64. NVIDIA Co. has a 1-year low of $47.32 and a 1-year high of $152.89.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The company had revenue of $35.08 billion during the quarter, compared to analyst estimates of $33.15 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The firm’s revenue for the quarter was up 93.6% compared to the same quarter last year. On average, analysts expect that NVIDIA Co. will post 2.78 EPS for the current year.

NVIDIA announced that its Board of Directors has initiated a stock buyback 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 buy up to 1.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

NVIDIA Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value 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 approximately $577,611,810.26. The trade was a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the transaction, the insider now directly owns 492,409 shares in the company, valued at approximately $57,370,572.59. The trade was a 0.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,628,156 shares of company stock valued at $197,995,077 over the last 90 days. 4.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NVDA shares. UBS Group raised their price objective on NVIDIA from $150.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. lifted their price objective on shares of NVIDIA from $155.00 to $170.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Phillip Securities reiterated an “accumulate” rating and issued a $160.00 price objective (up previously from $155.00) on shares of NVIDIA in a research note on Friday, November 22nd. William Blair initiated coverage on shares of NVIDIA in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Evercore ISI increased their price target on NVIDIA from $189.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, NVIDIA has an average rating of “Moderate Buy” and a consensus price target of $164.15.

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.