IMS Capital Management Purchases 68,326 Shares of NVIDIA Co. (NASDAQ:NVDA)

IMS Capital Management raised its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 899.3% during the second quarter, Holdings Channel reports. The firm owned 75,924 shares of the computer hardware maker’s stock after buying an additional 68,326 shares during the period. NVIDIA comprises 4.3% of IMS Capital Management’s holdings, making the stock its 5th biggest holding. IMS Capital Management’s holdings in NVIDIA were worth $9,661,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Hamilton Wealth LLC raised its position in NVIDIA by 0.3% in the 1st quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock worth $2,839,000 after purchasing an additional 9 shares during the last quarter. Brooklyn FI LLC raised its position in shares of NVIDIA by 2.5% during the 1st quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock valued at $442,000 after acquiring an additional 12 shares during the last quarter. Curran Financial Partners LLC raised its position 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 acquiring an additional 12 shares during the last quarter. Beacon Bridge Wealth Partners LLC raised its position in shares of NVIDIA by 2.6% during the 1st quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock valued at $428,000 after acquiring an additional 12 shares during the last quarter. Finally, Poehling Capital Management INC. raised its position in shares of NVIDIA by 0.9% during the 1st quarter. Poehling Capital Management INC. now owns 1,596 shares of the computer hardware maker’s stock valued at $1,442,000 after acquiring an additional 14 shares during the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

NVIDIA Stock Up 2.0 %

Shares of NVDA stock opened at $135.40 on Friday. 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 firm’s 50-day moving average is $125.25 and its 200-day moving average is $115.81. The stock has a market cap of $3.32 trillion, a price-to-earnings ratio of 63.51, a PEG ratio of 1.47 and a beta of 1.67. NVIDIA Co. has a 52-week low of $42.89 and a 52-week high of $144.42.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.04. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business’s revenue was up 122.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 EPS. Sell-side analysts predict that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

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

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

Analyst Upgrades and Downgrades

Several brokerages have commented on NVDA. KeyCorp upped their target price on shares of NVIDIA from $130.00 to $180.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Raymond James upped their target price 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. Craig Hallum upped their target price on shares of NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. upped their target price on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Finally, Loop Capital reissued a “buy” rating and issued a $175.00 price target on shares of NVIDIA in a report on Monday, August 26th. Five investment analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.07.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $103.85, for a total transaction of $12,462,000.00. Following the transaction, the chief executive officer now owns 76,854,995 shares in the company, valued at approximately $7,981,391,230.75. 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 2,516,270 shares of company stock valued at $291,803,127 in the last three months. 4.23% of the stock is currently owned by company insiders.

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.