Jessup Wealth Management Inc Has $13.02 Million Position in NVIDIA Co. (NASDAQ:NVDA)

Jessup Wealth Management Inc boosted its position in NVIDIA Co. (NASDAQ:NVDA) by 836.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 105,377 shares of the computer hardware maker’s stock after acquiring an additional 94,124 shares during the period. NVIDIA accounts for approximately 5.6% of Jessup Wealth Management Inc’s portfolio, making the stock its 3rd largest holding. Jessup Wealth Management Inc’s holdings in NVIDIA were worth $13,018,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Hamilton Wealth LLC lifted its stake in shares of NVIDIA by 0.3% during the 1st quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock valued at $2,839,000 after buying an additional 9 shares in the last quarter. Brooklyn FI LLC lifted its position in shares of NVIDIA by 2.5% during the first quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock worth $442,000 after acquiring an additional 12 shares in the last quarter. Curran Financial Partners LLC boosted its holdings in shares of NVIDIA by 1.8% in the first quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock worth $625,000 after acquiring an additional 12 shares during the period. Beacon Bridge Wealth Partners LLC grew its position in shares of NVIDIA by 2.6% in the first quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock valued at $428,000 after purchasing an additional 12 shares in the last quarter. Finally, M. Kraus & Co raised its stake in shares of NVIDIA by 2.0% during the 1st quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock valued at $594,000 after purchasing an additional 13 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.

NVIDIA Stock Down 1.6 %

Shares of NVIDIA stock opened at $116.00 on Friday. NVIDIA Co. has a twelve month low of $39.23 and a twelve month high of $140.76. 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’s 50 day moving average is $115.99 and its 200 day moving average is $106.97. The company has a market cap of $2.85 trillion, a price-to-earnings ratio of 67.84, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67.

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

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

NVIDIA Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be given 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 payout ratio is currently 2.34%.

Insider Transactions at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $120.84, for a total transaction of $14,500,800.00. Following the completion of the sale, the chief executive officer now directly owns 80,574,995 shares of the company’s stock, valued at $9,736,682,395.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $120.84, for a total transaction of $14,500,800.00. Following the completion of the sale, the chief executive officer now owns 80,574,995 shares of the company’s stock, valued at $9,736,682,395.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction dated Friday, September 20th. The shares were 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 $57,370,572.59. The disclosure for this sale can be found here. Insiders have sold 3,692,303 shares of company stock worth $444,047,307 in the last quarter. Company insiders own 4.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on NVDA. Benchmark restated a “buy” rating and issued a $170.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Loop Capital restated a “buy” rating and issued a $175.00 price objective on shares of NVIDIA in a research report on Monday, August 26th. Sanford C. Bernstein upped their target price on shares of NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Robert W. Baird raised their price target on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Argus boosted their price target on shares of NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA 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.