DAVENPORT & Co LLC Has $7.76 Million Position in NVIDIA Co. (NASDAQ:NVDA)
DAVENPORT & Co LLC lowered its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 0.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 14,339 shares of the computer hardware maker’s stock after selling 106 shares during the period. DAVENPORT & Co LLC’s holdings in NVIDIA were worth $7,760,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Public Employees Retirement Association of Colorado grew its stake in shares of NVIDIA by 5.4% during the first quarter. Public Employees Retirement Association of Colorado now owns 110,437 shares of the computer hardware maker’s stock valued at $29,111,000 after purchasing an additional 5,634 shares during the last quarter. Cohen & Steers Inc. bought a new stake in shares of NVIDIA during the first quarter valued at approximately $111,000. APG Asset Management N.V. lifted its holdings in NVIDIA by 97.7% in the first quarter. APG Asset Management N.V. now owns 784,446 shares of the computer hardware maker’s stock valued at $206,780,000 after buying an additional 387,647 shares during the period. CIBC World Markets Inc. lifted its holdings in NVIDIA by 36.5% in the first quarter. CIBC World Markets Inc. now owns 65,905 shares of the computer hardware maker’s stock valued at $17,373,000 after buying an additional 17,610 shares during the period. Finally, Morgan Stanley lifted its holdings in NVIDIA by 8.4% in the first quarter. Morgan Stanley now owns 2,509,795 shares of the computer hardware maker’s stock valued at $661,582,000 after buying an additional 195,455 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.
In related news, Director Stephen C. Neal bought 435 shares of the business’s stock in a transaction dated Monday, September 21st. The stock was bought at an average price of $498.23 per share, for a total transaction of $216,730.05. Following the purchase, the director now owns 3,963 shares in the company, valued at approximately $1,974,485.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tench Coxe sold 629 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $533.30, for a total transaction of $335,445.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,320 shares of company stock valued at $87,129,970. 4.47% of the stock is currently owned by corporate insiders.
NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, August 19th. The computer hardware maker reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.21. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.66 billion. NVIDIA had a net margin of 25.93% and a return on equity of 30.41%. NVIDIA’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 EPS. Analysts expect that NVIDIA Co. will post 6.93 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Wednesday, September 2nd were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date of this dividend was Tuesday, September 1st. NVIDIA’s dividend payout ratio is presently 13.94%.
NVDA has been the topic of several analyst reports. Zacks Investment Research upgraded shares of NVIDIA from a “sell” rating to a “hold” rating and set a $541.00 price objective on the stock in a report on Tuesday, September 15th. Sanford C. Bernstein increased their price objective on shares of NVIDIA from $415.00 to $545.00 and gave the company an “outperform” rating in a report on Thursday, August 20th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of NVIDIA from $405.00 to $450.00 and gave the company a “hold” rating in a report on Thursday, August 20th. Oppenheimer increased their price objective on shares of NVIDIA from $550.00 to $600.00 and gave the company an “outperform” rating in a report on Monday, October 5th. Finally, Rosenblatt Securities increased their target price on shares of NVIDIA from $500.00 to $600.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirty-one have given a buy rating to the stock. NVIDIA presently has a consensus rating of “Buy” and an average target price of $521.49.
NVIDIA Company Profile
NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the Graphics Processing Unit (GPU) and Tegra Processor segments. The GPU segment comprises of product brands which aims specialized markets including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.
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