Renaissance Investment Group LLC Acquires 1,874 Shares of NVIDIA Co. (NASDAQ:NVDA)

Renaissance Investment Group LLC grew its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 2.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 84,529 shares of the computer hardware maker’s stock after acquiring an additional 1,874 shares during the quarter. NVIDIA makes up 2.1% of Renaissance Investment Group LLC’s holdings, making the stock its 21st largest holding. Renaissance Investment Group LLC’s holdings in NVIDIA were worth $10,265,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. grew its position in shares of NVIDIA by 52.2% during the first quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock worth $34,597,000 after purchasing an additional 13,135 shares in the last quarter. Gilbert & Cook Inc. lifted its holdings in shares of NVIDIA by 0.6% in the 1st quarter. Gilbert & Cook Inc. now owns 7,933 shares of the computer hardware maker’s stock worth $7,168,000 after buying an additional 45 shares during the period. Quent Capital LLC increased its position in NVIDIA by 3.2% during the 1st quarter. Quent Capital LLC now owns 14,446 shares of the computer hardware maker’s stock valued at $13,053,000 after purchasing an additional 454 shares during the period. Haverford Trust Co raised its holdings in shares of NVIDIA by 25.1% in the 1st quarter. Haverford Trust Co now owns 5,441 shares of the computer hardware maker’s stock valued at $4,916,000 after purchasing an additional 1,091 shares in the last quarter. Finally, Graypoint LLC lifted its holdings in NVIDIA by 1.6% during the first quarter. Graypoint LLC now owns 44,714 shares of the computer hardware maker’s stock worth $40,402,000 after buying an additional 684 shares during the period. Institutional investors own 65.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NVDA. Susquehanna lifted their target price on NVIDIA from $160.00 to $180.00 and gave the company a “positive” rating in a research note on Thursday. Robert W. Baird raised their price target on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. UBS Group upped their target price on NVIDIA from $150.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, November 11th. New Street Research upgraded NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a research note on Tuesday, August 6th. Finally, Bank of America increased their price target on shares of NVIDIA from $165.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Five research analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.40.

NVIDIA Price Performance

NVDA opened at $141.98 on Friday. The stock’s 50-day moving average price is $130.18 and its 200 day moving average price is $119.70. NVIDIA Co. has a 12-month low of $45.01 and a 12-month high of $149.77. The firm has a market cap of $3.48 trillion, a price-to-earnings ratio of 66.66, a PEG ratio of 1.54 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.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the previous year, the firm posted $0.25 EPS. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. As a group, sell-side analysts expect that NVIDIA Co. will post 2.66 earnings per share for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the sale, the director now owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction on Friday, September 20th. The shares were sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the transaction, the chief financial officer now directly owns 4,954,214 shares in the company, valued at $577,611,810.26. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,156,270 shares of company stock valued at $254,784,327 in the last ninety days. Insiders own 4.23% of the company’s stock.

NVIDIA 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.