Summerhill Capital Management lnc. Increases Position in NVIDIA Co. (NASDAQ:NVDA)

Summerhill Capital Management lnc. increased its stake in NVIDIA Co. (NASDAQ:NVDA) by 627.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 44,556 shares of the computer hardware maker’s stock after acquiring an additional 38,433 shares during the period. NVIDIA comprises approximately 3.9% of Summerhill Capital Management lnc.’s portfolio, making the stock its 13th largest position. Summerhill Capital Management lnc.’s holdings in NVIDIA were worth $5,504,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in NVDA. Hamilton Wealth LLC increased its stake in shares of NVIDIA by 0.3% during the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock valued at $2,839,000 after purchasing an additional 9 shares in the last quarter. Brooklyn FI LLC grew its holdings in shares of NVIDIA by 2.5% during the first quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock valued at $442,000 after buying an additional 12 shares during the last quarter. Curran Financial Partners LLC grew its holdings in shares of NVIDIA by 1.8% during the first quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock valued at $625,000 after buying an additional 12 shares during the last quarter. Beacon Bridge Wealth Partners LLC grew its holdings in shares of NVIDIA by 2.6% during the first quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock valued at $428,000 after buying an additional 12 shares during the last quarter. Finally, M. Kraus & Co grew its holdings in shares of NVIDIA by 2.0% during the first quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock valued at $594,000 after buying an additional 13 shares during the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, June 24th. William Blair started coverage on shares of NVIDIA in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Sanford C. Bernstein increased their price target on shares of NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. KeyCorp increased their price target on shares of NVIDIA from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, Westpark Capital raised their price objective on shares of NVIDIA from $127.50 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.07.

NVIDIA Price Performance

NVDA stock opened at $138.00 on Friday. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $140.89. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $121.88 and a 200 day moving average price of $112.35. The stock has a market cap of $3.39 trillion, a PE ratio of 64.73, a P/E/G ratio of 1.25 and a beta of 1.67.

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

NVIDIA Cuts Dividend

The firm also recently declared 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%.

NVIDIA announced that its board has authorized a stock repurchase program 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $122.23, for a total transaction of $14,667,600.00. Following the sale, the chief executive officer now directly owns 78,294,995 shares in the company, valued at approximately $9,569,997,238.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,996,270 shares of company stock worth $347,729,127. 4.23% of the stock is currently owned by corporate insiders.

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.