RiverFront Investment Group LLC Purchases 558,159 Shares of NVIDIA Co. (NASDAQ:NVDA)

RiverFront Investment Group LLC grew its position in NVIDIA Co. (NASDAQ:NVDA) by 10,796.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 563,329 shares of the computer hardware maker’s stock after acquiring an additional 558,159 shares during the quarter. NVIDIA accounts for about 1.8% of RiverFront Investment Group LLC’s holdings, making the stock its 17th largest position. RiverFront Investment Group LLC’s holdings in NVIDIA were worth $69,594,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Truepoint Inc. increased its holdings in NVIDIA by 914.1% in the 2nd quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock valued at $1,605,000 after buying an additional 11,709 shares during the period. Westwood Holdings Group Inc. boosted its position in shares of NVIDIA by 683.9% during the 2nd quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker’s stock valued at $29,505,000 after acquiring an additional 208,362 shares in the last quarter. Legal & General Group Plc increased its stake in NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after acquiring an additional 191,469,114 shares during the period. Lombard Odier Asset Management Europe Ltd raised its position in NVIDIA by 1,106.0% in the second quarter. Lombard Odier Asset Management Europe Ltd now owns 532,285 shares of the computer hardware maker’s stock worth $65,758,000 after purchasing an additional 488,148 shares in the last quarter. Finally, Consolidated Planning Corp lifted its stake in NVIDIA by 825.9% during the second quarter. Consolidated Planning Corp now owns 84,133 shares of the computer hardware maker’s stock worth $10,394,000 after purchasing an additional 75,046 shares during the period. 65.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Evercore ISI upped their price objective on NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Robert W. Baird upped their price target on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Wedbush reissued an “outperform” rating and set a $138.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 target price on shares of NVIDIA in a report on Thursday, October 10th. Finally, William Blair began coverage on shares of NVIDIA in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, NVIDIA presently has a consensus rating of “Moderate Buy” and an average target price of $143.07.

NVIDIA Stock Up 2.0 %

Shares of NASDAQ NVDA opened at $135.40 on Friday. NVIDIA Co. has a 52-week low of $42.89 and a 52-week high of $144.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The stock has a market cap of $3.32 trillion, a P/E ratio of 63.57, a P/E/G ratio of 1.40 and a beta of 1.66. The firm has a 50 day moving average price of $125.25 and a 200 day moving average price of $116.01.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’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 EPS. Analysts expect that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA announced that its Board of Directors has initiated a share buyback plan 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 buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

The firm also recently disclosed 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. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is presently 1.88%.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $103.85, for a total transaction of $12,462,000.00. Following the sale, the chief executive officer now directly owns 76,854,995 shares in the company, valued at approximately $7,981,391,230.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $103.85, for a total transaction of $12,462,000.00. Following the sale, the chief executive officer now directly owns 76,854,995 shares in the company, valued at $7,981,391,230.75. This trade 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 at this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the business’s stock in a transaction on 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 $577,611,810.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,516,270 shares of company stock worth $291,803,127. 4.23% of the stock is owned by company insiders.

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.