Sweeney & Michel LLC Trims Holdings in NVIDIA Co. (NASDAQ:NVDA)

Sweeney & Michel LLC trimmed its position in NVIDIA Co. (NASDAQ:NVDA) by 9.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,561 shares of the computer hardware maker’s stock after selling 161 shares during the quarter. Sweeney & Michel LLC’s holdings in NVIDIA were worth $697,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Von Berge Wealth Management Group LLC raised its position in NVIDIA by 2.6% during the second quarter. Von Berge Wealth Management Group LLC now owns 930 shares of the computer hardware maker’s stock valued at $393,000 after acquiring an additional 24 shares in the last quarter. DBK Financial Counsel LLC purchased a new position in NVIDIA during the second quarter valued at approximately $265,000. IFM Investors Pty Ltd raised its position in NVIDIA by 4.9% during the second quarter. IFM Investors Pty Ltd now owns 488,552 shares of the computer hardware maker’s stock valued at $206,667,000 after acquiring an additional 22,809 shares in the last quarter. Mayport LLC raised its position in NVIDIA by 69.6% during the second quarter. Mayport LLC now owns 1,833 shares of the computer hardware maker’s stock valued at $775,000 after acquiring an additional 752 shares in the last quarter. Finally, Heartwood Wealth Advisors LLC purchased a new position in NVIDIA during the second quarter valued at approximately $489,000. 64.79% of the stock is currently owned by hedge funds and other institutional investors.

NVIDIA Trading Up 2.3 %

NVDA opened at $504.09 on Tuesday. NVIDIA Co. has a 12 month low of $138.84 and a 12 month high of $505.48. The stock has a market capitalization of $1.25 trillion, a price-to-earnings ratio of 121.76, a PEG ratio of 3.80 and a beta of 1.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.79 and a quick ratio of 2.37. The business has a fifty day moving average price of $445.22 and a 200 day moving average price of $425.77.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 23rd. The computer hardware maker reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.62. The business had revenue of $13.51 billion during the quarter, compared to analysts’ expectations of $11.19 billion. NVIDIA had a return on equity of 45.50% and a net margin of 31.59%. The business’s quarterly revenue was up 101.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 EPS. Sell-side analysts expect that NVIDIA Co. will post 9.66 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Thursday, September 7th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.16 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 3.86%.

Analysts Set New Price Targets

Several research analysts recently weighed in on NVDA shares. Piper Sandler reiterated an “overweight” rating and set a $620.00 price target on shares of NVIDIA in a research report on Friday. Bank of America raised their price objective on NVIDIA from $550.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, August 24th. UBS Group raised their price objective on NVIDIA from $540.00 to $560.00 and gave the company a “buy” rating in a report on Thursday, August 24th. Benchmark raised their price objective on NVIDIA from $475.00 to $625.00 and gave the company a “buy” rating in a report on Thursday, August 24th. Finally, JPMorgan Chase & Co. raised their price objective on NVIDIA from $500.00 to $600.00 and gave the company an “overweight” rating in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $571.49.

Insider Transactions at NVIDIA

In other news, Director Mark A. Stevens sold 21,500 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $468.08, for a total transaction of $10,063,720.00. Following the completion of the transaction, the director now directly owns 1,030,786 shares of the company’s stock, valued at approximately $482,490,310.88. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Mark A. Stevens sold 21,500 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $468.08, for a total value of $10,063,720.00. Following the completion of the sale, the director now directly owns 1,030,786 shares of the company’s stock, valued at approximately $482,490,310.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Colette Kress sold 4,980 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $460.74, for a total value of $2,294,485.20. Following the completion of the sale, the chief financial officer now directly owns 499,428 shares of the company’s stock, valued at $230,106,456.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 145,232 shares of company stock valued at $67,606,089. 3.99% of the stock is currently owned by corporate insiders.

About NVIDIA

NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's 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; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds.