Chase Investment Counsel Corp Buys 128,877 Shares of NVIDIA Co. (NASDAQ:NVDA)

Chase Investment Counsel Corp increased its position in NVIDIA Co. (NASDAQ:NVDA) by 918.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 142,910 shares of the computer hardware maker’s stock after purchasing an additional 128,877 shares during the quarter. NVIDIA accounts for 5.9% of Chase Investment Counsel Corp’s portfolio, making the stock its biggest holding. Chase Investment Counsel Corp’s holdings in NVIDIA were worth $17,655,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NVDA. Hershey Financial Advisers LLC bought a new position in NVIDIA in the second quarter worth approximately $2,054,000. EP Wealth Advisors LLC lifted its holdings in shares of NVIDIA by 1,635.0% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,366,347 shares of the computer hardware maker’s stock worth $168,798,000 after purchasing an additional 1,287,596 shares in the last quarter. Kimelman & Baird LLC bought a new position in shares of NVIDIA in the 2nd quarter worth $814,000. Brown Shipley& Co Ltd grew its position in NVIDIA by 801.1% in the 2nd quarter. Brown Shipley& Co Ltd now owns 249,321 shares of the computer hardware maker’s stock valued at $30,801,000 after purchasing an additional 221,654 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its holdings in NVIDIA by 850.3% during the second quarter. B. Riley Wealth Advisors Inc. now owns 1,372,392 shares of the computer hardware maker’s stock worth $169,545,000 after buying an additional 1,227,975 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $200.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Loop Capital reissued a “buy” rating and set a $175.00 price objective on shares of NVIDIA in a report on Monday, August 26th. Craig Hallum raised their target price on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 29th. TD Cowen upgraded NVIDIA to a “strong-buy” rating in a report on Monday, September 16th. Finally, Westpark Capital raised their price objective on NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $143.07.

NVIDIA Trading Down 4.7 %

NASDAQ:NVDA opened at $132.76 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. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $144.42. The company has a market cap of $3.26 trillion, a P/E ratio of 62.33, a P/E/G ratio of 1.50 and a beta of 1.67. The stock’s fifty day moving average price is $125.13 and its two-hundred day moving average price is $115.47.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was up 122.4% on a year-over-year basis. As a group, analysts expect that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were paid a $0.01 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio is presently 1.88%.

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

Insider Transactions at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Monday, August 5th. The shares were sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the completion of the sale, the chief executive officer now directly owns 77,094,995 shares of the company’s stock, valued at approximately $7,694,851,450.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the sale, the chief executive officer now owns 77,094,995 shares in the company, valued at $7,694,851,450.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,516,270 shares of company stock valued at $291,803,127 in the last quarter. Insiders own 4.23% of the company’s stock.

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.