W.G. Shaheen & Associates DBA Whitney & Co Has $15 Million Position in NVIDIA Co. (NASDAQ:NVDA)

W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,188.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 121,441 shares of the computer hardware maker’s stock after acquiring an additional 112,014 shares during the quarter. NVIDIA comprises 1.7% of W.G. Shaheen & Associates DBA Whitney & Co’s portfolio, making the stock its 20th biggest holding. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in NVIDIA were worth $15,003,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in NVDA. Aveo Capital Partners LLC increased its holdings in shares of NVIDIA by 30.5% during the 4th quarter. Aveo Capital Partners LLC now owns 2,351 shares of the computer hardware maker’s stock worth $1,164,000 after acquiring an additional 549 shares during the last quarter. Gryphon Financial Partners LLC grew its holdings in NVIDIA by 60.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 14,514 shares of the computer hardware maker’s stock valued at $7,188,000 after buying an additional 5,496 shares in the last quarter. Alta Wealth Advisors LLC grew its holdings in NVIDIA by 0.4% in the 4th quarter. Alta Wealth Advisors LLC now owns 6,647 shares of the computer hardware maker’s stock valued at $3,292,000 after buying an additional 26 shares in the last quarter. United Services Automobile Association grew its holdings in NVIDIA by 10.1% in the 4th quarter. United Services Automobile Association now owns 73,387 shares of the computer hardware maker’s stock valued at $36,343,000 after buying an additional 6,760 shares in the last quarter. Finally, IPG Investment Advisors LLC grew its holdings in NVIDIA by 12.5% in the 4th quarter. IPG Investment Advisors LLC now owns 29,276 shares of the computer hardware maker’s stock valued at $14,498,000 after buying an additional 3,243 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Argus upped their price objective on NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Piper Sandler reaffirmed an “overweight” rating and issued a $140.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Susquehanna upped their price objective on NVIDIA from $120.00 to $145.00 and gave the company a “positive” rating in a report on Monday, June 10th. William Blair assumed coverage on NVIDIA in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, Tigress Financial increased their target price on NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA Stock Down 2.1 %

NVDA stock opened at $121.40 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 stock’s 50 day moving average is $115.81 and its 200-day moving average is $107.87. The firm has a market capitalization of $2.98 trillion, a PE ratio of 70.99, a P/E/G ratio of 1.05 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last posted its earnings results 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. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter last year, the company earned $0.25 earnings per share. The company’s revenue for the quarter was up 122.4% on a year-over-year basis. Sell-side analysts expect that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA Cuts Dividend

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

NVIDIA announced that its Board of Directors has approved a share buyback program on Wednesday, August 28th that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total value of $16,092,000.00. Following the transaction, the chief executive officer now owns 79,254,995 shares in the company, valued at $10,628,094,829.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares in the company, valued at $698,025,289.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total value of $16,092,000.00. Following the sale, the chief executive officer now owns 79,254,995 shares in the company, valued at $10,628,094,829.50. The disclosure for this sale can be found here. Insiders have sold 4,397,403 shares of company stock worth $526,762,784 over the last 90 days. 4.23% of the stock is currently owned by corporate 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.