Choreo LLC Buys 839,780 Shares of NVIDIA Co. (NASDAQ:NVDA)

Choreo LLC lifted its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 2,232.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 877,401 shares of the computer hardware maker’s stock after purchasing an additional 839,780 shares during the quarter. NVIDIA accounts for about 1.8% of Choreo LLC’s portfolio, making the stock its 9th largest position. Choreo LLC’s holdings in NVIDIA were worth $109,130,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in NVIDIA by 854.1% during the 2nd 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 acquiring an additional 163,482,580 shares during the last quarter. Baillie Gifford & Co. boosted its stake 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 purchasing an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew 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 worth $7,913,435,000 after purchasing an additional 57,160,191 shares during the last quarter. Rhumbline Advisers increased its stake in shares of NVIDIA by 892.0% in 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 buying an additional 42,025,613 shares during the period. Finally, Van ECK Associates Corp raised its holdings in NVIDIA by 741.8% in the 2nd 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 buying an additional 35,255,679 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the sale, the director now directly owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,356,270 shares of company stock valued at $391,787,127 over the last ninety days. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Price Performance

Shares of NASDAQ NVDA opened at $134.80 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The firm’s 50-day simple moving average is $118.54 and its 200 day simple moving average is $110.62. The stock has a market cap of $3.31 trillion, a price-to-earnings ratio of 63.23, a PEG ratio of 1.20 and a beta of 1.67. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76.

NVIDIA (NASDAQ:NVDA) last announced 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. The company had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. NVIDIA’s quarterly revenue was up 122.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 earnings per share. As a group, research analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA declared that its board has authorized a stock 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 reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were issued a $0.01 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.88%.

Wall Street Analyst Weigh In

NVDA has been the topic of a number of research reports. Truist Financial boosted their target price on shares of NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. The Goldman Sachs Group boosted their price objective on shares of NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday. Loop Capital reaffirmed a “buy” rating and set a $175.00 target price on shares of NVIDIA in a research report on Monday, August 26th. Jefferies Financial Group lifted their target price on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $150.00 price target on shares of NVIDIA in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.46.

About NVIDIA

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.