Abacus Planning Group Inc. Purchases 26,050 Shares of NVIDIA Co. (NASDAQ:NVDA)

Abacus Planning Group Inc. grew its position in NVIDIA Co. (NASDAQ:NVDA) by 1,194.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,231 shares of the computer hardware maker’s stock after acquiring an additional 26,050 shares during the quarter. NVIDIA accounts for about 0.7% of Abacus Planning Group Inc.’s holdings, making the stock its 23rd largest position. Abacus Planning Group Inc.’s holdings in NVIDIA were worth $3,488,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. TrinityPoint Wealth LLC lifted its position in shares of NVIDIA by 829.2% in the 2nd quarter. TrinityPoint Wealth LLC now owns 135,741 shares of the computer hardware maker’s stock worth $16,769,000 after acquiring an additional 121,133 shares during the period. Intact Investment Management Inc. lifted its position in shares of NVIDIA by 805.4% during the 2nd quarter. Intact Investment Management Inc. now owns 67,000 shares of the computer hardware maker’s stock worth $8,277,000 after buying an additional 59,600 shares during the period. Seven Springs Wealth Group LLC lifted its position in shares of NVIDIA by 898.9% during the 2nd quarter. Seven Springs Wealth Group LLC now owns 8,910 shares of the computer hardware maker’s stock worth $1,101,000 after buying an additional 8,018 shares during the period. Holistic Financial Partners raised its position in NVIDIA by 905.6% in the 2nd quarter. Holistic Financial Partners now owns 35,689 shares of the computer hardware maker’s stock valued at $4,409,000 after purchasing an additional 32,140 shares during the last quarter. Finally, Canal Capital Management LLC increased its stake in shares of NVIDIA by 750.1% in the 2nd quarter. Canal Capital Management LLC now owns 84,933 shares of the computer hardware maker’s stock valued at $10,493,000 after buying an additional 74,942 shares during the period. Institutional investors own 65.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Jefferies Financial Group lifted their price objective on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Wells Fargo & Company upped their target price on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Evercore ISI boosted their price target on NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. KeyCorp increased their price target on NVIDIA from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, StockNews.com cut NVIDIA from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Buying and Selling

In other news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $124.28, for a total transaction of $14,913,600.00. Following the sale, the chief executive officer now directly owns 79,734,995 shares of the company’s stock, valued at $9,909,465,178.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $124.28, for a total value of $14,913,600.00. Following the completion of the transaction, the chief executive officer now owns 79,734,995 shares in the company, valued at $9,909,465,178.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mark A. Stevens sold 385,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the transaction, the director now owns 9,141,240 shares of the company’s stock, valued at approximately $1,195,125,717.60. The disclosure for this sale can be found here. Insiders sold 4,397,403 shares of company stock valued at $526,762,784 over the last 90 days. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Stock Down 2.1 %

Shares of NVIDIA stock opened at $121.40 on Friday. 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 twelve month low of $39.23 and a twelve month high of $140.76. The company has a market cap of $2.98 trillion, a price-to-earnings ratio of 70.99, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. The company’s 50 day moving average is $115.81 and its 200 day moving average is $107.87.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The firm had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 earnings per share. Research analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

The business also recently declared 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. 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 presently 2.34%.

NVIDIA declared that its board has authorized a share buyback 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 buy up to 1.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

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.