New York Life Investment Management LLC Purchases 3,213,013 Shares of NVIDIA Co. (NASDAQ:NVDA)

New York Life Investment Management LLC grew its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 951.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,550,882 shares of the computer hardware maker’s stock after purchasing an additional 3,213,013 shares during the quarter. NVIDIA makes up 4.5% of New York Life Investment Management LLC’s holdings, making the stock its 3rd biggest holding. New York Life Investment Management LLC’s holdings in NVIDIA were worth $438,676,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in 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 worth $22,561,200,000 after purchasing an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. increased 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 acquiring an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of NVIDIA by 829.0% during 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 acquiring an additional 57,160,191 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of NVIDIA by 892.0% during the second quarter. Rhumbline Advisers now owns 46,737,202 shares of the computer hardware maker’s stock valued at $5,773,914,000 after acquiring an additional 42,025,613 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of NVIDIA by 741.8% during the second quarter. Van ECK Associates Corp now owns 40,008,518 shares of the computer hardware maker’s stock valued at $4,942,652,000 after acquiring an additional 35,255,679 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NVDA. Barclays decreased their price objective on NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $100.00 price target on shares of NVIDIA in a research report on Monday, August 5th. William Blair started coverage on NVIDIA in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Needham & Company LLC increased their price target on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target for the company in a research report on Tuesday, August 6th. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, NVIDIA has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

Insider Buying and Selling at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total value of $16,092,000.00. Following the completion of the sale, the chief executive officer now owns 79,254,995 shares of the company’s stock, valued at $10,628,094,829.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Mark A. Stevens sold 156,023 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $129.81, for a total value of $20,253,345.63. Following the completion of the transaction, the director now owns 8,585,217 shares in the company, valued at $1,114,447,018.77. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total value of $16,092,000.00. Following the completion of the transaction, the chief executive officer now owns 79,254,995 shares of the company’s stock, valued at $10,628,094,829.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,697,403 shares of company stock valued at $436,258,534. 4.23% of the stock is currently owned by corporate insiders.

NVIDIA Stock Performance

NASDAQ NVDA opened at $127.72 on Tuesday. The firm has a market cap of $3.14 trillion, a price-to-earnings ratio of 74.69, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $116.26 and a 200-day moving average price of $109.49. NVIDIA Co. has a twelve month low of $39.23 and a twelve month high of $140.76.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the business posted $0.25 earnings per share. The company’s quarterly revenue was up 122.4% compared to the same quarter last year. As a group, equities research analysts predict that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a dividend of $0.01 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 2.34%.

NVIDIA declared that its board has authorized a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in 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 generally a sign 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.