Cullen Frost Bankers Inc. Has $188.35 Million Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Cullen Frost Bankers Inc. grew its stake in NVIDIA Co. (NASDAQ:NVDA) by 893.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,524,589 shares of the computer hardware maker’s stock after purchasing an additional 1,371,109 shares during the period. NVIDIA comprises about 2.7% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 5th biggest position. Cullen Frost Bankers Inc.’s holdings in NVIDIA were worth $188,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position 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 worth $22,561,200,000 after purchasing an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. raised its holdings in NVIDIA by 696.6% during 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. boosted its stake in NVIDIA by 829.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock valued at $7,913,435,000 after acquiring an additional 57,160,191 shares during the last quarter. Rhumbline Advisers raised its position 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 acquiring an additional 42,025,613 shares during the last quarter. Finally, Van ECK Associates Corp lifted 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 purchasing an additional 35,255,679 shares during the period. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insider Activity

In related news, Director Mark A. Stevens sold 125,000 shares of NVIDIA stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $122.61, for a total value of $15,326,250.00. Following the transaction, the director now owns 8,255,117 shares in the company, valued at $1,012,159,895.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Mark A. Stevens sold 125,000 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $122.61, for a total transaction of $15,326,250.00. Following the transaction, the director now directly owns 8,255,117 shares of the company’s stock, valued at approximately $1,012,159,895.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark A. Stevens sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $121.01, for a total value of $4,840,400.00. Following the completion of the transaction, the director now owns 8,380,117 shares of the company’s stock, valued at approximately $1,014,077,958.17. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,577,403 shares of company stock worth $420,166,534 in the last three months. Corporate insiders own 4.23% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on NVDA shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $135.00 target price on shares of NVIDIA in a report on Monday, August 19th. Robert W. Baird increased their target price on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $175.00 price objective on shares of NVIDIA in a report on Tuesday. Evercore ISI boosted their target price on NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, Mizuho increased their price objective on NVIDIA from $132.00 to $140.00 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $142.10.

NVIDIA Trading Up 4.0 %

NASDAQ NVDA opened at $132.89 on Wednesday. The business’s 50-day moving average price is $116.58 and its two-hundred day moving average price is $109.74. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $140.76. The firm has a market capitalization 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 current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.04. The business had revenue of $30.04 billion for 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 company’s quarterly revenue was up 122.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 earnings per share. On average, analysts expect that NVIDIA Co. will post 2.65 EPS for the current year.

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

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s payout ratio is 2.34%.

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.