NVIDIA Co. (NASDAQ:NVDA) is Main Street Research LLC’s Largest Position

Main Street Research LLC boosted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 917.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 763,993 shares of the computer hardware maker’s stock after acquiring an additional 688,929 shares during the quarter. NVIDIA accounts for approximately 6.2% of Main Street Research LLC’s holdings, making the stock its biggest holding. Main Street Research LLC’s holdings in NVIDIA were worth $94,384,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of NVDA. Vanguard Group Inc. raised 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 buying an additional 8,828,050 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 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 worth $22,561,200,000 after buying an additional 163,482,580 shares during the period. Baillie Gifford & Co. grew its holdings in shares of NVIDIA by 696.6% during the second 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. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of NVIDIA by 829.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock valued at $7,913,435,000 after acquiring an additional 57,160,191 shares during the period. Finally, Swedbank AB raised its stake in NVIDIA by 798.8% in the 2nd quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after acquiring an additional 34,678,944 shares during the last quarter. Institutional investors own 65.27% of the company’s stock.

Insider Activity

In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the transaction, the insider now owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the transaction, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,472,303 shares of company stock valued at $536,731,507. 4.23% of the stock is currently owned by corporate insiders.

NVIDIA Price Performance

NVIDIA stock opened at $116.26 on Tuesday. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $115.75 and a 200 day moving average price of $107.41. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The stock has a market cap of $2.86 trillion, a P/E ratio of 67.99, a PEG ratio of 1.06 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter last year, the firm earned $0.25 EPS. The business’s revenue was up 122.4% compared to the same quarter last year. Sell-side analysts anticipate that NVIDIA Co. will post 2.64 earnings per share for the current year.

NVIDIA announced that its Board of Directors has authorized a share buyback program on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 2.34%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Needham & Company LLC lifted their target price on NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a report on Thursday, August 29th. HSBC upped their price target on shares of NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. JPMorgan Chase & Co. lifted their price objective on NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Finally, Jefferies Financial Group upped their target price on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Five 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $142.10.

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.