NVIDIA Co. (NASDAQ:NVDA) Stake Raised by Cahaba Wealth Management Inc.

Cahaba Wealth Management Inc. raised its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 794.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,113 shares of the computer hardware maker’s stock after acquiring an additional 24,081 shares during the quarter. NVIDIA makes up 0.3% of Cahaba Wealth Management Inc.’s investment portfolio, making the stock its 26th largest holding. Cahaba Wealth Management Inc.’s holdings in NVIDIA were worth $3,350,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in shares of NVIDIA by 854.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after acquiring an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. increased its position in NVIDIA by 696.6% in the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock worth $10,137,521,000 after purchasing an additional 71,757,065 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of NVIDIA by 829.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock worth $7,913,435,000 after purchasing an additional 57,160,191 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of NVIDIA by 892.0% during the 2nd quarter. Rhumbline Advisers now owns 46,737,202 shares of the computer hardware maker’s stock valued at $5,773,914,000 after buying an additional 42,025,613 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of NVIDIA by 741.8% in the 2nd quarter. Van ECK Associates Corp now owns 40,008,518 shares of the computer hardware maker’s stock valued at $4,942,652,000 after buying an additional 35,255,679 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the sale, the chief executive officer now owns 77,094,995 shares of the company’s stock, valued at $7,694,851,450.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Tench Coxe sold 1,000,000 shares of the company’s 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 transaction, the director now owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the sale, the chief executive officer now owns 77,094,995 shares of the company’s stock, valued at approximately $7,694,851,450.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,577,403 shares of company stock valued at $420,166,534. Insiders own 4.23% of the company’s stock.

NVIDIA Stock Up 4.0 %

NASDAQ NVDA opened at $132.89 on Wednesday. The stock’s 50 day simple moving average is $116.58 and its 200 day simple moving average is $109.74. NVIDIA Co. has a one year low of $39.23 and a one year high of $140.76. The firm has a market cap of $3.27 trillion, a PE ratio of 77.71, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last announced 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 company had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter in the prior year, the business earned $0.25 earnings per share. The business’s revenue for the quarter was up 122.4% on a year-over-year basis. As a group, sell-side analysts forecast that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA announced that its Board of Directors has approved 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 buy up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s payout ratio is presently 2.34%.

Wall Street Analyst Weigh In

NVDA has been the topic of a number of recent research reports. UBS Group restated a “buy” rating and set a $150.00 price target on shares of NVIDIA in a report on Tuesday. Mizuho boosted their target price on NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Tigress Financial upped their price objective on shares of NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Piper Sandler reaffirmed an “overweight” rating and issued a $140.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Finally, Sanford C. Bernstein boosted their price objective on NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.