Morris Financial Concepts Inc. bought a new stake in NVIDIA Co. (NASDAQ:NVDA – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,217 shares of the computer hardware maker’s stock, valued at approximately $274,000.
Several other hedge funds also recently bought and sold shares of NVDA. UMB Bank n.a. raised its stake in shares of NVIDIA by 854.9% in the 2nd quarter. UMB Bank n.a. now owns 1,479,058 shares of the computer hardware maker’s stock valued at $182,723,000 after acquiring an additional 1,324,160 shares during the period. Members Trust Co increased its holdings in NVIDIA by 972.4% in the 2nd quarter. Members Trust Co now owns 11,925 shares of the computer hardware maker’s stock valued at $1,473,000 after purchasing an additional 10,813 shares during the last quarter. Center For Asset Management LLC increased its holdings in NVIDIA by 1,013.8% in the 2nd quarter. Center For Asset Management LLC now owns 26,152 shares of the computer hardware maker’s stock valued at $3,231,000 after purchasing an additional 23,804 shares during the last quarter. F M Investments LLC raised its position in NVIDIA by 9,247.8% in the second quarter. F M Investments LLC now owns 803,540 shares of the computer hardware maker’s stock valued at $99,294,000 after purchasing an additional 794,944 shares during the period. Finally, Smith Chas P & Associates PA Cpas lifted its stake in NVIDIA by 1,025.5% during the second quarter. Smith Chas P & Associates PA Cpas now owns 16,826 shares of the computer hardware maker’s stock worth $2,079,000 after purchasing an additional 15,331 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.
NVIDIA Price Performance
Shares of NASDAQ NVDA opened at $116.00 on Monday. The stock has a market cap 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 twelve month low of $39.23 and a twelve month high of $140.76. The stock has a 50 day moving average of $115.99 and a two-hundred day moving average of $107.24. 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 Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 2.34%.
NVIDIA declared that its board has initiated a stock repurchase program on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
NVDA has been the subject of a number of research reports. Craig Hallum lifted their price objective on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Susquehanna lifted their target price on NVIDIA from $120.00 to $145.00 and gave the company a “positive” rating in a research report on Monday, June 10th. Bank of America reissued a “buy” rating and set a $165.00 price target on shares of NVIDIA in a research report on Thursday, September 5th. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Tuesday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. 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’s stock. According to data from MarketBeat.com, NVIDIA currently has a consensus rating of “Moderate Buy” and an average price target of $142.10.
View Our Latest Report on NVIDIA
Insider Buying and Selling
In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction that occurred on 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 owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mark A. Stevens sold 385,000 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total value of $50,334,900.00. Following the sale, the director now directly owns 9,141,240 shares of the company’s stock, valued at $1,195,125,717.60. The disclosure for this sale can be found here. Insiders have sold a total of 3,472,303 shares of company stock valued at $417,461,507 over the last quarter. 4.23% of the stock is currently owned by insiders.
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.
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