ZWJ Investment Counsel Inc. grew its stake in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 1.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 522,627 shares of the computer hardware maker’s stock after acquiring an additional 8,132 shares during the quarter. NVIDIA accounts for 3.4% of ZWJ Investment Counsel Inc.’s portfolio, making the stock its 7th biggest holding. ZWJ Investment Counsel Inc.’s holdings in NVIDIA were worth $119,358,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of NVDA. Summit Financial Strategies Inc. increased its holdings in NVIDIA by 8.7% in the 3rd quarter. Summit Financial Strategies Inc. now owns 13,814 shares of the computer hardware maker’s stock worth $3,155,000 after buying an additional 1,111 shares in the last quarter. Fortune 45 LLC lifted its stake in NVIDIA by 3.1% during the 3rd quarter. Fortune 45 LLC now owns 21,375 shares of the computer hardware maker’s stock valued at $4,881,000 after acquiring an additional 633 shares during the period. MPS Loria Financial Planners LLC boosted its holdings in shares of NVIDIA by 3.8% during the 3rd quarter. MPS Loria Financial Planners LLC now owns 15,375 shares of the computer hardware maker’s stock valued at $3,512,000 after acquiring an additional 560 shares during the last quarter. Reliant Investment Management LLC bought a new stake in shares of NVIDIA in the third quarter worth approximately $6,347,000. Finally, Myecfo LLC grew its stake in shares of NVIDIA by 8.4% in the third quarter. Myecfo LLC now owns 4,139 shares of the computer hardware maker’s stock worth $945,000 after acquiring an additional 320 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
NVDA has been the subject of several research reports. Citigroup reissued a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of NVIDIA in a report on Thursday, August 27th. Wall Street Zen cut shares of NVIDIA from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 24th. TD Cowen restated a “buy” rating on shares of NVIDIA in a report on Tuesday, August 18th. China Renaissance lifted their target price on shares of NVIDIA from $319.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of NVIDIA in a research note on Wednesday, October 21st. Five research analysts have rated the stock with a Strong Buy rating, forty-eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, NVIDIA presently has a consensus rating of “Buy” and an average price target of $318.85.
Read Our Latest Report on NVDA
NVIDIA Stock Up 2.8%
Shares of NVDA stock opened at $186.64 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.59 and a quick ratio of 3.85. NVIDIA Corporation has a one year low of $164.27 and a one year high of $243.37. The company’s fifty day moving average price is $219.80 and its 200-day moving average price is $204.53. The company has a market capitalization of $4.50 trillion, a price-to-earnings ratio of 23.60, a PEG ratio of 1.43 and a beta of 2.21.
NVIDIA (NASDAQ:NVDA – Get Free Report) last issued its earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.13. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The company had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. During the same quarter in the prior year, the firm posted $1.05 EPS. NVIDIA’s quarterly revenue was up 105.9% compared to the same quarter last year. Sell-side analysts expect that NVIDIA Corporation will post 9.30 EPS for the current fiscal year.
NVIDIA Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, September 10th. NVIDIA’s payout ratio is presently 12.64%.
NVIDIA announced that its Board of Directors has initiated a share repurchase plan on Monday, September 28th that authorizes the company to repurchase $150 billion in shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 2.8% of its stock through open market purchases. Share buyback plans are usually an indication that the company’s management believes its shares are undervalued.
Insider Transactions at NVIDIA
In other news, CFO Colette Kress sold 34,918 shares of the company’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $219.05, for a total value of $7,648,787.90. Following the completion of the transaction, the chief financial officer owned 765,103 shares of the company’s stock, valued at $167,595,812.15. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy Teter sold 30,460 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $222.80, for a total value of $6,786,488.00. Following the sale, the executive vice president owned 2,687,660 shares of the company’s stock, valued at $598,810,648. This represents a 1.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,766,118 shares of company stock valued at $399,450,353 over the last 90 days. Company insiders own 3.94% of the company’s stock.
Key Stories Impacting NVIDIA
Here are the key news stories impacting NVIDIA this week:
- Positive Sentiment: Some investors see the decline as a buying opportunity, citing NVIDIA’s strong AI-chip position and profitability. ARK Invest also reportedly added $45.9 million of NVDA shares during the sell-off. Nvidia Stock Rises on Dip-Buying: 3 Reasons to Be Optimistic
- Positive Sentiment: CEO Jensen Huang says the next-generation Vera Rubin platform could generate more revenue per gigawatt of data-center capacity than the current platform, supporting the case for continued growth. Jensen Huang Says Nvidia’s Next-Gen Vera Rubin Chips Will Generate $40 Billion in Revenue per Gigawatt
- Neutral Sentiment: NVIDIA’s upcoming Nov. 17 results are a key near-term catalyst: investors will look for evidence that demand and guidance can ease fears about AI spending and justify the stock’s recovery. Nvidia Investors Need to Be Paying Attention on Nov. 17
- Negative Sentiment: The rebound follows a steep sell-off that wiped roughly $450 billion from NVIDIA’s market value. Investors are worried that a Democratic-led Congress, data-center permitting or regulatory hurdles, high capital costs, and uncertain returns could delay infrastructure projects and weaken future chip demand. AI stocks hammered by midterm shock as data center buildout becomes a ‘war of attrition’
- Negative Sentiment: Reports that NVIDIA may be taking on greater exposure to financially strained “neocloud” customers raise concern that it could face risks beyond selling chips if those providers struggle to fund data centers. As neoclouds face a financial reckoning, Nvidia has to decide how far to go to help
About NVIDIA
NVIDIA Corporation develops graphics processing units (GPUs), accelerated computing platforms and related software. Founded in 1993, the company first became widely known for GPUs used in PC gaming and professional graphics. Its technology now also supports artificial intelligence, scientific computing and other data-intensive applications.
NVIDIA’s offerings include GeForce products for gaming, data-center GPUs and systems for AI workloads, and networking products that connect computing infrastructure.
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