Saxony Capital Management LLC Purchases 31,993 Shares of NVIDIA Co. (NASDAQ:NVDA)

Saxony Capital Management LLC lifted its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 841.0% during the second quarter, HoldingsChannel reports. The fund owned 35,797 shares of the computer hardware maker’s stock after acquiring an additional 31,993 shares during the quarter. NVIDIA comprises 4.9% of Saxony Capital Management LLC’s holdings, making the stock its 2nd biggest position. Saxony Capital Management LLC’s holdings in NVIDIA were worth $4,422,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of 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. Baillie Gifford & Co. lifted 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 valued at $10,137,521,000 after purchasing 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% in the second 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 lifted its holdings in shares of NVIDIA by 798.8% in the second 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 in the last quarter. Finally, Norges Bank purchased a new position in shares of NVIDIA during the fourth quarter valued at approximately $14,606,369,000. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NVDA shares. Craig Hallum upped their price objective on shares of NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Susquehanna upped their price objective on shares of NVIDIA from $120.00 to $145.00 and gave the company a “positive” rating in a research note on Monday, June 10th. UBS Group upped their price objective on shares of NVIDIA from $120.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Piper Sandler reaffirmed an “overweight” rating and set a $140.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Benchmark reaffirmed a “buy” rating and set a $170.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Five investment 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA Price Performance

Shares of NVIDIA stock opened at $113.37 on Thursday. 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’s 50 day simple moving average is $116.45 and its two-hundred day simple moving average is $106.68. The stock has a market capitalization of $2.79 trillion, a P/E ratio of 66.30, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a one year low of $39.23 and a one year high of $140.76.

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

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.04%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is 2.34%.

NVIDIA announced that its board has initiated a stock repurchase plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $111.83, for a total value of $13,419,600.00. Following the sale, the chief executive officer now directly owns 75,655,836 shares of the company’s stock, valued at $8,460,592,139.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $111.83, for a total value of $13,419,600.00. Following the completion of the transaction, the chief executive officer now owns 75,655,836 shares in the company, valued at $8,460,592,139.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Colette Kress sold 100,000 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $120.85, for a total value of $12,085,000.00. Following the sale, the chief financial officer now owns 5,188,862 shares of the company’s stock, valued at approximately $627,073,972.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,725,633 shares of company stock valued at $449,025,722. 4.23% of the stock is currently owned by corporate 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.