TD Asset Management Inc Purchases 26,301,336 Shares of NVIDIA Co. (NASDAQ:NVDA)

TD Asset Management Inc increased its holdings in NVIDIA Co. (NASDAQ:NVDA) by 851.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 29,389,478 shares of the computer hardware maker’s stock after buying an additional 26,301,336 shares during the quarter. NVIDIA comprises approximately 3.4% of TD Asset Management Inc’s portfolio, making the stock its 3rd largest holding. TD Asset Management Inc’s holdings in NVIDIA were worth $3,630,776,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in NVDA. Vanguard Group Inc. increased its position in NVIDIA by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after acquiring an additional 8,828,050 shares in the last quarter. Bank of New York Mellon Corp grew 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 valued at $22,561,200,000 after purchasing an additional 163,482,580 shares during the last quarter. 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 valued at $10,137,521,000 after purchasing an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in 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 worth $7,913,435,000 after purchasing an additional 57,160,191 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in NVIDIA by 892.0% during the 2nd quarter. Rhumbline Advisers now owns 46,737,202 shares of the computer hardware maker’s stock valued at $5,773,914,000 after purchasing an additional 42,025,613 shares during the period. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insider Activity

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA 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 completion of the sale, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA 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 transaction, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark A. Stevens sold 40,000 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $121.01, for a total transaction of $4,840,400.00. Following the sale, the director now owns 8,380,117 shares of the company’s stock, valued at approximately $1,014,077,958.17. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,077,403 shares of company stock worth $486,699,184. 4.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on NVDA. Raymond James increased their target price on NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Truist Financial lifted their price target on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. Westpark Capital lifted their price objective on shares of NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their price target on NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Finally, Craig Hallum raised their price objective on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Up 1.7 %

NVDA opened at $124.92 on Friday. 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 firm has a market capitalization of $3.07 trillion, a P/E ratio of 73.05, a PEG ratio of 1.05 and a beta of 1.67. The company’s 50-day moving average is $116.26 and its 200 day moving average is $109.35. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data 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. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter in the prior year, the business earned $0.25 earnings per share. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. Research analysts expect that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA announced that its board has approved a stock buyback program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s payout ratio is 2.34%.

NVIDIA 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.