Wedgewood Investors Inc. PA Purchases New Shares in NVIDIA Co. (NASDAQ:NVDA)

Wedgewood Investors Inc. PA acquired a new position in NVIDIA Co. (NASDAQ:NVDA) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,560 shares of the computer hardware maker’s stock, valued at approximately $2,169,000. NVIDIA makes up 2.6% of Wedgewood Investors Inc. PA’s investment portfolio, making the stock its 7th biggest position.

Several other institutional investors have also added to or reduced their stakes in the stock. FPC Investment Advisory Inc. bought a new position in NVIDIA in the first quarter worth about $26,000. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of NVIDIA during the 1st quarter worth approximately $27,000. HBC Financial Services PLLC bought a new position in shares of NVIDIA in the 1st quarter worth approximately $30,000. Norwood Financial Corp purchased a new position in shares of NVIDIA in the 1st quarter valued at approximately $45,000. Finally, Coston McIsaac & Partners lifted its stake in shares of NVIDIA by 231.3% in the 1st quarter. Coston McIsaac & Partners now owns 53 shares of the computer hardware maker’s stock valued at $47,000 after purchasing an additional 37 shares during the period. 65.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Susquehanna increased their price objective on NVIDIA from $120.00 to $145.00 and gave the stock a “positive” rating in a report on Monday, June 10th. Melius Research increased their price target on shares of NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. UBS Group lifted their price target on shares of NVIDIA from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Oppenheimer restated an “outperform” rating and issued a $110.00 price objective on shares of NVIDIA in a report on Thursday, May 23rd. Finally, Benchmark reiterated a “buy” rating and set a $170.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $116.78 on Tuesday. The stock has a 50-day moving average price of $117.19 and a 200 day moving average price of $106.39. The stock has a market capitalization of $2.87 trillion, a P/E ratio of 68.29, a P/E/G ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter last year, the business posted $0.25 earnings per share. The company’s revenue for the quarter was up 122.4% compared to the same quarter last year. Equities research analysts forecast that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is presently 2.34%.

NVIDIA announced that its board has initiated a stock repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at NVIDIA

In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $128.17, for a total value of $576,765.00. Following the sale, the insider now directly owns 503,878 shares in the company, valued at $64,582,043.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the sale, the chief executive officer now directly owns 80,814,995 shares in the company, valued at approximately $10,980,333,370.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $128.17, for a total transaction of $576,765.00. Following the completion of the transaction, the insider now directly owns 503,878 shares of the company’s stock, valued at approximately $64,582,043.26. The disclosure for this sale can be found here. Insiders sold 3,845,633 shares of company stock valued at $465,330,122 in the last 90 days. Insiders own 4.23% of the company’s stock.

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.