Jessup Wealth Management Inc Raises Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Jessup Wealth Management Inc increased its holdings in NVIDIA Co. (NASDAQ:NVDA) by 836.4% during the second quarter, Holdings Channel reports. The firm owned 105,377 shares of the computer hardware maker’s stock after acquiring an additional 94,124 shares during the quarter. NVIDIA makes up 5.6% of Jessup Wealth Management Inc’s portfolio, making the stock its 3rd biggest holding. Jessup Wealth Management Inc’s holdings in NVIDIA were worth $13,018,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Hamilton Wealth LLC grew its stake in NVIDIA by 0.3% during the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock valued at $2,839,000 after acquiring an additional 9 shares in the last quarter. Brooklyn FI LLC lifted its stake in NVIDIA by 2.5% in the 1st quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock worth $442,000 after purchasing an additional 12 shares in the last quarter. Curran Financial Partners LLC boosted its holdings in shares of NVIDIA by 1.8% during the 1st quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock valued at $625,000 after purchasing an additional 12 shares during the last quarter. Beacon Bridge Wealth Partners LLC grew its position in shares of NVIDIA by 2.6% during the first quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock valued at $428,000 after purchasing an additional 12 shares in the last quarter. Finally, M. Kraus & Co increased its holdings in shares of NVIDIA by 2.0% in the first quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock worth $594,000 after purchasing an additional 13 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors.

NVIDIA Stock Down 1.6 %

Shares of NASDAQ NVDA opened at $116.00 on Friday. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The stock’s fifty day simple moving average is $115.99 and its two-hundred day simple moving average is $106.97. The stock has a market capitalization of $2.85 trillion, a PE ratio of 67.84, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. 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 issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The company had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 earnings per share. As a group, analysts expect that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s payout ratio is 2.34%.

Insider Buying and Selling at NVIDIA

In other news, CFO Colette Kress sold 100,000 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $120.85, for a total transaction of $12,085,000.00. Following the completion of the sale, the chief financial officer now owns 5,188,862 shares in the company, valued at approximately $627,073,972.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other NVIDIA news, CFO Colette Kress sold 100,000 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $120.85, for a total value of $12,085,000.00. Following the completion of the transaction, the chief financial officer now owns 5,188,862 shares of the company’s stock, valued at $627,073,972.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $124.88, for a total transaction of $14,985,600.00. Following the sale, the chief executive officer now owns 80,334,995 shares of the company’s stock, valued at $10,032,234,175.60. The disclosure for this sale can be found here. Insiders sold a total of 3,692,303 shares of company stock worth $444,047,307 over the last three months. Corporate insiders own 4.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NVDA. Robert W. Baird increased their price target on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $138.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Raymond James increased their price objective on shares of NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Barclays reduced their target price on shares of NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Finally, KeyCorp increased their price target on shares of NVIDIA from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $142.10.

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.