Sterling Investment Management LLC Acquires 2,551 Shares of NVIDIA Co. (NASDAQ:NVDA)

Sterling Investment Management LLC raised its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 941.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,822 shares of the computer hardware maker’s stock after purchasing an additional 2,551 shares during the quarter. Sterling Investment Management LLC’s holdings in NVIDIA were worth $349,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. FPC Investment Advisory Inc. purchased a new position in NVIDIA during the 1st quarter worth $26,000. Koesten Hirschmann & Crabtree INC. bought a new position in shares of NVIDIA during the 1st quarter worth $27,000. HBC Financial Services PLLC bought a new stake in shares of NVIDIA in the first quarter valued at about $30,000. Norwood Financial Corp purchased a new stake in NVIDIA in the first quarter worth about $45,000. Finally, Coston McIsaac & Partners grew its holdings in NVIDIA by 231.3% during the 1st quarter. Coston McIsaac & Partners now owns 53 shares of the computer hardware maker’s stock worth $47,000 after acquiring an additional 37 shares in the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NVDA. JPMorgan Chase & Co. upped their price target on shares of NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. UBS Group increased their target price on NVIDIA from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, July 8th. The Goldman Sachs Group restated a “buy” rating and set a $135.00 price objective on shares of NVIDIA in a research note on Monday, August 19th. Melius Research lifted their target price on NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Finally, Robert W. Baird increased their price target on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

Insider Buying and Selling

In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $130.10, for a total value of $13,024,311.00. Following the completion of the transaction, the executive vice president now owns 3,939,350 shares in the company, valued at $512,509,435. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Ajay K. Puri sold 100,110 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $130.10, for a total value of $13,024,311.00. Following the completion of the sale, the executive vice president now directly owns 3,939,350 shares in the company, valued at $512,509,435. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Colette Kress sold 66,670 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.59, for a total value of $7,773,055.30. Following the transaction, the chief financial officer now owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,692,303 shares of company stock valued at $444,047,307. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Price Performance

Shares of NVDA opened at $116.00 on Friday. The business’s 50-day moving average is $115.99 and its two-hundred day moving average is $106.97. The company has a market capitalization of $2.85 trillion, a P/E ratio of 67.84, a P/E/G ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

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

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 2.34%.

NVIDIA declared that its board has authorized a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to reacquire 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.

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.