Wealth Effects LLC Has $24.33 Million Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Wealth Effects LLC lessened its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 8.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 200,317 shares of the computer hardware maker’s stock after selling 18,711 shares during the period. NVIDIA accounts for 8.5% of Wealth Effects LLC’s holdings, making the stock its 2nd biggest holding. Wealth Effects LLC’s holdings in NVIDIA were worth $24,326,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in NVIDIA by 4.3% in the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after purchasing an additional 8,828,050 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 purchasing an additional 191,469,114 shares in the last quarter. Bank of New York Mellon Corp increased 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 in the last quarter. Ameriprise Financial Inc. increased its stake 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 valued at $12,658,922,000 after purchasing an additional 91,867,031 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake 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 valued at $11,371,255,000 after purchasing an additional 84,515,429 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.

Insider Buying and Selling

In related news, Director John Dabiri sold 716 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $142.00, for a total transaction of $101,672.00. Following the sale, the director now owns 19,942 shares of the company’s stock, valued at approximately $2,831,764. This represents a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now directly owns 492,409 shares in the company, valued at $57,370,572.59. This trade represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,156,986 shares of company stock valued at $254,885,999. Company insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. TD Cowen lifted their price target on shares of NVIDIA from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Needham & Company LLC boosted their target price on shares of NVIDIA from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Piper Sandler boosted their target price on shares of NVIDIA from $140.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Robert W. Baird boosted their target price on shares of NVIDIA from $150.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, Redburn Atlantic started coverage on shares of NVIDIA in a research report on Tuesday, November 12th. They set a “buy” rating and a $178.00 target price for the company. Four research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, NVIDIA presently has an average rating of “Moderate Buy” and an average price target of $164.15.

NVIDIA Stock Performance

Shares of NVDA stock opened at $135.34 on Thursday. The stock has a market capitalization of $3.31 trillion, a P/E ratio of 53.26, a PEG ratio of 2.46 and a beta of 1.66. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $135.26 and its 200 day moving average is $123.26. NVIDIA Co. has a 12 month low of $45.01 and a 12 month high of $152.89.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The business had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. NVIDIA’s revenue was up 93.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 EPS. On average, sell-side analysts anticipate that NVIDIA Co. will post 2.76 earnings per share for the current year.

NVIDIA announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

NVIDIA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date is Thursday, December 5th. NVIDIA’s dividend payout ratio (DPR) is presently 1.57%.

NVIDIA Company 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.