Gifford Fong Associates Purchases 329,139 Shares of NVIDIA Co. (NASDAQ:NVDA)

Gifford Fong Associates boosted its position in NVIDIA Co. (NASDAQ:NVDA) by 900.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 365,710 shares of the computer hardware maker’s stock after buying an additional 329,139 shares during the quarter. NVIDIA makes up about 12.0% of Gifford Fong Associates’ portfolio, making the stock its biggest position. Gifford Fong Associates’ holdings in NVIDIA were worth $45,180,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Kentucky Retirement Systems increased its position in shares of NVIDIA by 888.2% during the 2nd quarter. Kentucky Retirement Systems now owns 1,853,641 shares of the computer hardware maker’s stock worth $228,999,000 after purchasing an additional 1,666,062 shares during the last quarter. Paces Ferry Wealth Advisors LLC increased its position in shares of NVIDIA by 883.8% during the 2nd quarter. Paces Ferry Wealth Advisors LLC now owns 79,635 shares of the computer hardware maker’s stock worth $9,838,000 after purchasing an additional 71,540 shares during the last quarter. Sienna Gestion increased its position in shares of NVIDIA by 905.9% during the 2nd quarter. Sienna Gestion now owns 550,730 shares of the computer hardware maker’s stock worth $68,005,000 after purchasing an additional 495,982 shares during the last quarter. Carolinas Wealth Consulting LLC increased its position in shares of NVIDIA by 868.7% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 32,403 shares of the computer hardware maker’s stock worth $4,003,000 after purchasing an additional 29,058 shares during the last quarter. Finally, Gardner Lewis Asset Management L P increased its position in shares of NVIDIA by 866.6% during the 2nd quarter. Gardner Lewis Asset Management L P now owns 263,515 shares of the computer hardware maker’s stock worth $32,555,000 after purchasing an additional 236,252 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insider Transactions at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other NVIDIA news, Director Mark A. Stevens sold 125,000 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $122.61, for a total value of $15,326,250.00. Following the completion of the transaction, the director now owns 8,255,117 shares of the company’s stock, valued at $1,012,159,895.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,756,270 shares of company stock valued at $318,992,727. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Price Performance

NVIDIA stock opened at $143.59 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $144.42. The stock has a market capitalization of $3.53 trillion, a P/E ratio of 83.97, a price-to-earnings-growth ratio of 1.25 and a beta of 1.67. The stock has a fifty day moving average of $123.13 and a 200-day moving average of $113.31.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter in the previous year, the firm earned $0.25 EPS. NVIDIA’s revenue was up 122.4% on a year-over-year basis. On average, sell-side analysts expect that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

NVIDIA Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders 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 dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is currently 2.34%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Needham & Company LLC boosted their price target on NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Wells Fargo & Company lifted their target price on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Mizuho lifted their target price on NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. The Goldman Sachs Group lifted their target price on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, Piper Sandler reiterated an “overweight” rating and set a $140.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.07.

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.