NVIDIA Co. (NASDAQ:NVDA) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp boosted its holdings in NVIDIA Co. (NASDAQ:NVDA) by 9.9% during the third quarter, Holdings Channel.com reports. The fund owned 43,966,350 shares of the computer hardware maker’s stock after acquiring an additional 3,957,832 shares during the period. NVIDIA accounts for 5.9% of Van ECK Associates Corp’s investment portfolio, making the stock its 2nd largest holding. Van ECK Associates Corp’s holdings in NVIDIA were worth $5,339,274,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Prosperitas Financial LLC lifted its holdings in shares of NVIDIA by 2.9% in the third quarter. Prosperitas Financial LLC now owns 61,530 shares of the computer hardware maker’s stock valued at $7,472,000 after purchasing an additional 1,723 shares in the last quarter. Cedar Point Capital Partners LLC raised its position in shares of NVIDIA by 4.8% during the 3rd quarter. Cedar Point Capital Partners LLC now owns 5,886 shares of the computer hardware maker’s stock worth $715,000 after purchasing an additional 271 shares during the last quarter. Latitude Advisors LLC lifted its stake in NVIDIA by 10.6% in the 3rd quarter. Latitude Advisors LLC now owns 22,589 shares of the computer hardware maker’s stock valued at $2,743,000 after buying an additional 2,166 shares in the last quarter. Cardinal Strategic Wealth Guidance grew its holdings in NVIDIA by 2.6% during the 3rd quarter. Cardinal Strategic Wealth Guidance now owns 3,426 shares of the computer hardware maker’s stock valued at $416,000 after buying an additional 86 shares during the last quarter. Finally, Baxter Bros Inc. increased its position in NVIDIA by 5.8% during the third quarter. Baxter Bros Inc. now owns 5,516 shares of the computer hardware maker’s stock worth $670,000 after buying an additional 301 shares in the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NVDA has been the topic of a number of analyst reports. Phillip Securities reaffirmed an “accumulate” rating and set a $160.00 price objective (up previously from $155.00) on shares of NVIDIA in a research note on Friday, November 22nd. Truist Financial raised their price target on shares of NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Wedbush boosted their price objective on shares of NVIDIA from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Stifel Nicolaus raised their target price on shares of NVIDIA from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. lifted their target price on shares of NVIDIA from $155.00 to $170.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Four analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $164.15.

Insider Activity

In other news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This represents a 14.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Colette Kress sold 66,670 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the sale, the chief financial officer now owns 4,954,214 shares in the company, valued at $577,611,810.26. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,628,156 shares of company stock worth $197,995,077. 4.23% of the stock is currently owned by insiders.

NVIDIA Stock Down 1.7 %

Shares of NASDAQ:NVDA opened at $132.00 on Tuesday. The company has a 50 day moving average of $139.84 and a two-hundred day moving average of $126.92. NVIDIA Co. has a 52-week low of $47.32 and a 52-week high of $152.89. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.23 trillion, a price-to-earnings ratio of 51.95, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.12. The firm had revenue of $35.08 billion for the quarter, compared to the consensus estimate of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The firm’s quarterly revenue was up 93.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. As a group, analysts forecast that NVIDIA Co. will post 2.78 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

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

NVIDIA declared 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 reacquire up to 1.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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.