Allen Investment Management LLC Purchases 525,301 Shares of NVIDIA Co. (NASDAQ:NVDA)

Allen Investment Management LLC increased its holdings in NVIDIA Co. (NASDAQ:NVDA) by 799.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 591,019 shares of the computer hardware maker’s stock after purchasing an additional 525,301 shares during the quarter. NVIDIA makes up approximately 0.9% of Allen Investment Management LLC’s holdings, making the stock its 18th largest holding. Allen Investment Management LLC’s holdings in NVIDIA were worth $73,014,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Truepoint Inc. increased its stake in shares of 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 buying an additional 11,709 shares during the period. Consolidated Planning Corp boosted its holdings in NVIDIA by 825.9% in the second quarter. Consolidated Planning Corp now owns 84,133 shares of the computer hardware maker’s stock valued at $10,394,000 after acquiring an additional 75,046 shares in the last quarter. International Private Wealth Advisors LLC increased its position in NVIDIA by 1,452.1% during the 2nd quarter. International Private Wealth Advisors LLC now owns 7,512 shares of the computer hardware maker’s stock valued at $928,000 after purchasing an additional 7,028 shares during the period. Lafayette Investments Inc. raised its holdings in NVIDIA by 901.8% in the 2nd quarter. Lafayette Investments Inc. now owns 5,710 shares of the computer hardware maker’s stock worth $705,000 after purchasing an additional 5,140 shares in the last quarter. Finally, BSN CAPITAL PARTNERS Ltd lifted its position in shares of NVIDIA by 51.4% in the 2nd quarter. BSN CAPITAL PARTNERS Ltd now owns 417,930 shares of the computer hardware maker’s stock worth $51,823,000 after purchasing an additional 141,930 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Price Performance

NASDAQ NVDA opened at $136.93 on Friday. The business’s fifty day moving average is $121.22 and its 200 day moving average is $111.86. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The company has a market capitalization of $3.37 trillion, a PE ratio of 80.08, a price-to-earnings-growth ratio of 1.20 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) 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 company had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same period in the prior year, the firm posted $0.25 EPS. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. Sell-side analysts predict that NVIDIA Co. will post 2.65 earnings per share for the current year.

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

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 2.34%.

Insider Buying and Selling at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares in the company, valued at $1,071,402,475.59. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,996,270 shares of company stock valued at $347,729,127 over the last ninety days. 4.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NVDA shares. Benchmark reiterated a “buy” rating and set a $170.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Truist Financial upped their target price on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. Loop Capital restated a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a research note on Monday, August 26th. Wells Fargo & Company lifted their price target on NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Finally, Melius Research increased their price objective on NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $142.46.

About NVIDIA

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.