Core Wealth Management Inc. Purchases New Position in NVIDIA Co. (NASDAQ:NVDA)

Core Wealth Management Inc. acquired a new stake in shares of NVIDIA Co. (NASDAQ:NVDA) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,640 shares of the computer hardware maker’s stock, valued at approximately $326,000. NVIDIA accounts for approximately 0.1% of Core Wealth Management Inc.’s investment portfolio, making the stock its 19th biggest position.

Several other large investors have also recently bought and sold shares of the company. Baillie Gifford & Co. increased its holdings in shares of NVIDIA by 696.6% in the second quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock worth $10,137,521,000 after acquiring an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of NVIDIA by 829.0% during 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 purchasing an additional 57,160,191 shares in the last quarter. Swedbank AB grew its position in shares of NVIDIA by 798.8% in the 2nd quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock valued at $4,820,576,000 after purchasing an additional 34,678,944 shares during the period. Norges Bank bought a new stake in NVIDIA during the 4th quarter worth approximately $14,606,369,000. Finally, New York State Teachers Retirement System raised its holdings in NVIDIA by 852.4% during the 2nd quarter. New York State Teachers Retirement System now owns 23,764,084 shares of the computer hardware maker’s stock worth $2,935,815,000 after buying an additional 21,268,926 shares during the period. Institutional investors own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

NVDA has been the subject of several research analyst reports. Jefferies Financial Group upped their price target on shares of NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a report on Monday, June 24th. Wedbush reiterated an “outperform” rating and set a $138.00 target price on shares of NVIDIA in a report on Thursday, August 29th. DZ Bank downgraded NVIDIA from a “buy” rating to a “hold” rating and set a $102.50 price target on the stock. in a research note on Friday, May 24th. Sanford C. Bernstein upped their price objective on NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Craig Hallum lifted their target price on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA Stock Down 1.9 %

Shares of NVDA opened at $116.78 on Tuesday. The firm has a market cap of $2.87 trillion, a P/E ratio of 68.29, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $140.76. The firm’s 50-day simple moving average is $117.19 and its 200 day simple moving average is $106.39.

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

NVIDIA Cuts Dividend

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

NVIDIA declared that its board has approved a stock repurchase 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the transaction, the chief executive officer now directly owns 80,814,995 shares of the company’s stock, valued at $10,980,333,370.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the transaction, the chief executive officer now owns 80,814,995 shares in the company, valued at approximately $10,980,333,370.65. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mark A. Stevens sold 385,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the transaction, the director now directly owns 9,141,240 shares in the company, valued at $1,195,125,717.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,845,633 shares of company stock valued at $465,330,122. 4.23% of the stock is owned by company insiders.

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.