Oliver Luxxe Assets LLC Increases Position in NVIDIA Co. (NASDAQ:NVDA)

Oliver Luxxe Assets LLC lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 6.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,345 shares of the computer hardware maker’s stock after acquiring an additional 145 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in NVIDIA were worth $285,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of NVDA. Vanguard Group Inc. grew its position in shares of NVIDIA by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after acquiring an additional 8,828,050 shares during the period. Legal & General Group Plc lifted 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 purchasing an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in NVIDIA by 854.1% during 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 period. Ameriprise Financial Inc. increased its position in NVIDIA by 870.3% in the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after buying an additional 91,867,031 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of 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 valued at $11,371,255,000 after buying an additional 84,515,429 shares during the period. 65.27% of the stock is currently owned by institutional investors.

Insider Activity

In other NVIDIA 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 transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. The trade was a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This trade represents a 14.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Melius Research increased their price target on NVIDIA from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. DA Davidson reiterated a “neutral” rating and set a $90.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Rosenblatt Securities reissued a “buy” rating and issued a $200.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Bank of America upped their price target on shares of NVIDIA from $165.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Mizuho lifted their price objective on shares of NVIDIA from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Five analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.40.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $141.98 on Friday. NVIDIA Co. has a 1-year low of $45.01 and a 1-year high of $149.77. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The business has a 50 day moving average of $130.97 and a 200 day moving average of $120.08. The company has a market capitalization of $3.48 trillion, a price-to-earnings ratio of 66.66, a PEG ratio of 1.54 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The firm had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business’s quarterly revenue was up 122.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 EPS. On average, sell-side analysts predict that NVIDIA Co. will post 2.66 earnings per share for the current fiscal year.

NVIDIA announced that its board has initiated a stock buyback program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually a sign 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. Stockholders of record on Thursday, September 12th were issued a $0.01 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.88%.

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.