WFA of San Diego LLC Takes $1.46 Million Position in NVIDIA Co. (NASDAQ:NVDA)
WFA of San Diego LLC acquired a new stake in NVIDIA Co. (NASDAQ:NVDA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,942 shares of the computer hardware maker’s stock, valued at approximately $1,462,000.
Several other hedge funds have also recently made changes to their positions in NVDA. Vanguard Group Inc. grew its holdings in NVIDIA by 1.0% during the second quarter. Vanguard Group Inc. now owns 49,018,971 shares of the computer hardware maker’s stock worth $18,622,797,000 after acquiring an additional 479,795 shares during the period. BlackRock Inc. raised its position in NVIDIA by 2.0% in the second quarter. BlackRock Inc. now owns 43,602,920 shares of the computer hardware maker’s stock valued at $16,565,183,000 after purchasing an additional 849,675 shares during the period. Geode Capital Management LLC raised its position in NVIDIA by 8.6% in the first quarter. Geode Capital Management LLC now owns 9,400,154 shares of the computer hardware maker’s stock valued at $2,473,368,000 after purchasing an additional 743,155 shares during the period. Bank of New York Mellon Corp raised its position in NVIDIA by 5.9% in the second quarter. Bank of New York Mellon Corp now owns 6,571,883 shares of the computer hardware maker’s stock valued at $2,496,723,000 after purchasing an additional 364,122 shares during the period. Finally, Nuveen Asset Management LLC raised its position in NVIDIA by 6.8% in the first quarter. Nuveen Asset Management LLC now owns 5,740,202 shares of the computer hardware maker’s stock valued at $1,513,118,000 after purchasing an additional 364,732 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.
Shares of NVIDIA stock traded down $16.21 on Wednesday, hitting $503.43. The stock had a trading volume of 437,070 shares, compared to its average volume of 13,156,977. NVIDIA Co. has a 52-week low of $169.32 and a 52-week high of $589.07. The company has a current ratio of 6.09, a quick ratio of 5.51 and a debt-to-equity ratio of 0.50. The stock has a market cap of $320.62 billion, a price-to-earnings ratio of 93.59, a P/E/G ratio of 3.94 and a beta of 1.53. The company’s 50 day moving average price is $478.65 and its 200 day moving average price is $358.25.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 0.13%. The ex-dividend date is Tuesday, September 1st. NVIDIA’s dividend payout ratio is presently 13.94%.
In other NVIDIA news, CEO Jen Hsun Huang sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $380.63, for a total transaction of $38,063,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,370,600 shares of the company’s stock, valued at approximately $521,691,478. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark A. Stevens sold 18,166 shares of the company’s stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $372.21, for a total value of $6,761,566.86. Following the sale, the director now directly owns 161,257 shares of the company’s stock, valued at $60,021,467.97. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 348,373 shares of company stock valued at $152,440,424. 4.47% of the stock is owned by company insiders.
A number of research firms have commented on NVDA. Royal Bank of Canada lifted their target price on NVIDIA from $528.00 to $610.00 and gave the company an “outperform” rating in a research report on Wednesday, September 2nd. Credit Suisse Group reaffirmed a “buy” rating and issued a $620.00 price objective on shares of NVIDIA in a research note on Tuesday. Rosenblatt Securities lifted their price objective on NVIDIA from $500.00 to $600.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Cowen lifted their price objective on NVIDIA from $475.00 to $540.00 and gave the company an “outperform” rating in a research note on Thursday, August 20th. Finally, Morgan Stanley lifted their price objective on NVIDIA from $380.00 to $507.00 and gave the company an “equal weight” rating in a research note on Thursday, August 20th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirty-one have assigned a buy rating to the company. NVIDIA currently has a consensus rating of “Buy” and an average price target of $512.97.
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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