Rep. Thomas R. Suozzi Sells NVIDIA Co. (NASDAQ:NVDA) Stock

Representative Thomas R. Suozzi (D-New York) recently sold shares of NVIDIA Co. (NASDAQ:NVDA). In a filing disclosed on November 12th, the Representative disclosed that they had sold between $15,001 and $50,000 in NVIDIA stock on October 24th. The trade occurred in the Representative’s “MERRILL LYNCH- ADVISOR DISCRETION ACCOUNT- IRA” account.

Representative Thomas R. Suozzi also recently made the following trade(s):

• Sold $1,001 – $15,000 in shares of Corning (NYSE:GLW) on 10/24/2024.
• Purchased $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of Boeing (NYSE:BA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of CVS Health (NYSE:CVS) on 10/24/2024.
• Sold $15,001 – $50,000 in shares of Apple (NASDAQ:AAPL) on 10/7/2024.
• Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/2/2024.

NVIDIA Stock Up 0.3 %

NVDA stock opened at $146.76 on Friday. NVIDIA Co. has a 1-year low of $45.01 and a 1-year high of $149.77. The stock has a market cap of $3.60 trillion, a price-to-earnings ratio of 68.84, a price-to-earnings-growth ratio of 1.56 and a beta of 1.66. 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’s 50 day moving average is $129.39 and its 200 day moving average is $119.51.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business 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 earned $0.25 earnings per share. The firm’s revenue was up 122.4% on a year-over-year basis. Sell-side analysts predict that NVIDIA Co. will post 2.66 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s payout ratio is 1.88%.

NVIDIA declared that its Board of Directors has approved a stock buyback program on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On NVIDIA

A number of institutional investors have recently made changes to their positions in NVDA. University of Texas Texas AM Investment Management Co. boosted its holdings in shares of NVIDIA by 897.5% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 119,110 shares of the computer hardware maker’s stock valued at $14,715,000 after acquiring an additional 107,169 shares during the last quarter. Truepoint Inc. lifted its position in NVIDIA by 914.1% during the second quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock valued at $1,605,000 after purchasing an additional 11,709 shares during the period. Westwood Holdings Group Inc. boosted its holdings in NVIDIA by 683.9% in the second quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker’s stock worth $29,505,000 after purchasing an additional 208,362 shares during the last quarter. Legal & General Group Plc grew its position in NVIDIA by 884.0% in the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after purchasing an additional 191,469,114 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd grew its position in NVIDIA by 1,106.0% in the 2nd quarter. Lombard Odier Asset Management Europe Ltd now owns 532,285 shares of the computer hardware maker’s stock worth $65,758,000 after purchasing an additional 488,148 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Insider Buying and Selling at NVIDIA

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the sale, the insider now directly owns 492,409 shares in the company, valued at $57,370,572.59. This represents a 0.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $119.03, for a total transaction of $14,283,600.00. Following the completion of the transaction, the chief executive officer now owns 76,494,995 shares of the company’s stock, valued at approximately $9,105,199,254.85. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,156,270 shares of company stock worth $254,784,327. Insiders own 4.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NVDA. Wells Fargo & Company upped their price objective on shares of NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Truist Financial raised their price objective on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. Robert W. Baird boosted their target price on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Citigroup raised their price target on NVIDIA from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, TD Cowen upgraded NVIDIA to a “strong-buy” rating in a research report on Monday, September 16th. Five analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $152.40.

About Representative Suozzi

Thomas Richard Suozzi (born August 31, 1962) is an American politician, attorney, and accountant serving as the U.S. representative for New York’s 3rd congressional district since 2024 and previously from 2017 to 2023. A member of the Democratic Party, he was the county executive of Nassau County on Long Island from 2002 to 2009, when he was unseated by Republican Ed Mangano. Before that, Suozzi served eight years as the mayor of Glen Cove in Nassau County.

In 2006, he ran unsuccessfully against Eliot Spitzer for the Democratic nomination for governor of New York. Suozzi was elected to the U.S. House of Representatives in 2016 and reelected in 2018 and 2020. He retired from Congress to run again for the Democratic gubernatorial nomination in 2022, losing to incumbent governor Kathy Hochul.

In October 2023, Suozzi announced that he would run for his old congressional seat in 2024.After Congress expelled George Santos that December, a special election to fill the remainder of the term was scheduled for February 13, 2024. Suozzi was selected as the Democratic nominee, and then won the special election, reclaiming the seat for Democrats.

NVIDIA Company 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.