Whitaker Myers Wealth Managers LTD. Buys 20,100 Shares of NVIDIA Co. (NASDAQ:NVDA)

Whitaker Myers Wealth Managers LTD. raised its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,029.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,053 shares of the computer hardware maker’s stock after buying an additional 20,100 shares during the period. NVIDIA accounts for approximately 1.0% of Whitaker Myers Wealth Managers LTD.’s portfolio, making the stock its 19th biggest holding. Whitaker Myers Wealth Managers LTD.’s holdings in NVIDIA were worth $2,724,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Sterling Investment Management LLC grew its position in shares of NVIDIA by 941.3% in the second quarter. Sterling Investment Management LLC now owns 2,822 shares of the computer hardware maker’s stock valued at $349,000 after purchasing an additional 2,551 shares during the last quarter. Cypress Point Wealth Management LLC grew its position in shares of NVIDIA by 772.8% in the second quarter. Cypress Point Wealth Management LLC now owns 5,979 shares of the computer hardware maker’s stock valued at $739,000 after purchasing an additional 5,294 shares during the last quarter. Emfo LLC grew its position in shares of NVIDIA by 1,326.5% in the second quarter. Emfo LLC now owns 15,691 shares of the computer hardware maker’s stock valued at $1,939,000 after purchasing an additional 14,591 shares during the last quarter. Beacon Financial Advisory LLC grew its position in NVIDIA by 905.7% during the second quarter. Beacon Financial Advisory LLC now owns 33,139 shares of the computer hardware maker’s stock worth $4,094,000 after buying an additional 29,844 shares in the last quarter. Finally, Arcadia Wealth Management LLC grew its position in NVIDIA by 863.2% during the second quarter. Arcadia Wealth Management LLC now owns 5,519 shares of the computer hardware maker’s stock worth $682,000 after buying an additional 4,946 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Colette Kress sold 100,000 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $120.85, for a total transaction of $12,085,000.00. Following the transaction, the chief financial officer now directly owns 5,188,862 shares of the company’s stock, valued at $627,073,972.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on 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 directly owns 80,574,995 shares in the company, valued at approximately $9,736,682,395.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Colette Kress sold 100,000 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $120.85, for a total value of $12,085,000.00. Following the sale, the chief financial officer now owns 5,188,862 shares of the company’s stock, valued at $627,073,972.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,692,303 shares of company stock valued at $444,047,307. Company insiders own 4.23% of the company’s stock.

NVIDIA Stock Performance

Shares of NVDA stock opened at $116.00 on Friday. The firm has a market cap of $2.85 trillion, a PE ratio of 67.84, a P/E/G ratio of 1.06 and a beta of 1.67. The company’s fifty day simple moving average is $115.99 and its 200-day simple moving average is $106.97. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $140.76.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’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 earnings per share. Equities research analysts expect that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

NVIDIA Cuts Dividend

The firm also recently declared 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 yield of 0.03%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio is 2.34%.

Analysts Set New Price Targets

Several analysts have recently weighed in on NVDA shares. Sanford C. Bernstein lifted their target price on shares of NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $175.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Robert W. Baird lifted their target price on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Rosenblatt Securities restated a “buy” rating and set a $200.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Finally, UBS Group lifted their price objective on NVIDIA from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

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.