Estabrook Capital Management Increases Holdings in NVIDIA Co. (NASDAQ:NVDA)

Estabrook Capital Management increased its stake in NVIDIA Co. (NASDAQ:NVDA) by 1,140.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 19,880 shares of the computer hardware maker’s stock after buying an additional 18,278 shares during the quarter. Estabrook Capital Management’s holdings in NVIDIA were worth $2,456,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in NVDA. Bank of New York Mellon Corp lifted its stake in NVIDIA by 854.1% in the second 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 purchasing an additional 163,482,580 shares during the last quarter. Dimensional Fund Advisors LP increased its position in NVIDIA by 1,123.2% in the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock worth $11,371,255,000 after buying an additional 84,515,429 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of NVIDIA by 808.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock valued at $10,215,474,000 after buying an additional 73,589,208 shares during the period. Baillie Gifford & Co. lifted its position in shares of NVIDIA by 696.6% during the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after buying an additional 71,757,065 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of NVIDIA by 882.4% during the 2nd quarter. American Century Companies Inc. now owns 73,648,364 shares of the computer hardware maker’s stock worth $9,098,519,000 after acquiring an additional 66,151,750 shares during the period. Institutional investors own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NVDA shares. Raymond James boosted their price objective on NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Bank of America boosted their price target on shares of NVIDIA from $165.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, October 18th. DA Davidson reaffirmed a “neutral” rating and issued a $90.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Rosenblatt Securities reiterated a “buy” rating and issued a $200.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Piper Sandler restated an “overweight” rating and set a $140.00 target price on shares of NVIDIA 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $143.07.

NVIDIA Stock Up 0.8 %

NVDA opened at $141.54 on Friday. The company has a market cap of $3.48 trillion, a P/E ratio of 82.77, a P/E/G ratio of 1.52 and a beta of 1.67. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $144.42. The business’s 50-day moving average price is $123.91 and its 200-day moving average price is $113.68. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. On average, equities analysts expect that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

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

NVIDIA announced that its board has approved a stock buyback program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Colette Kress sold 66,670 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the sale, the chief financial officer now directly owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction that occurred on 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 sale, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the sale, the chief financial officer now directly owns 4,954,214 shares of the company’s stock, valued at $577,611,810.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,636,270 shares of company stock valued at $305,367,927 in the last quarter. Insiders own 4.23% of the company’s stock.

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.