Buckingham Capital Management Inc. Buys 84 Shares of NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jun 23rd, 2023

Buckingham Capital Management Inc. increased its stake in NVIDIA Co. (NASDAQ:NVDA – Get Rating) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,001 shares of the computer hardware maker’s stock after acquiring an additional 84 shares during the period. Buckingham Capital Management Inc.’s holdings in NVIDIA were worth $1,111,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of NVDA. Norges Bank bought a new stake in shares of NVIDIA in the 4th quarter valued at about $3,900,874,000. Moneta Group Investment Advisors LLC raised its position in NVIDIA by 160,446.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 19,586,643 shares of the computer hardware maker’s stock valued at $2,862,392,000 after purchasing an additional 19,574,443 shares during the last quarter. Jennison Associates LLC raised its position in NVIDIA by 34.8% during the 4th quarter. Jennison Associates LLC now owns 23,299,291 shares of the computer hardware maker’s stock valued at $3,404,958,000 after purchasing an additional 6,013,647 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in NVIDIA by 9.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 56,956,988 shares of the computer hardware maker’s stock valued at $8,323,694,000 after purchasing an additional 5,043,685 shares during the last quarter. Finally, Morgan Stanley raised its position in NVIDIA by 20.2% during the 4th quarter. Morgan Stanley now owns 27,533,756 shares of the computer hardware maker’s stock valued at $4,023,783,000 after purchasing an additional 4,621,002 shares during the last quarter. Institutional investors own 64.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NVDA shares. Craig Hallum raised NVIDIA from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Thursday, May 25th. Tigress Financial upped their price target on NVIDIA from $250.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, March 30th. KeyCorp increased their target price on NVIDIA from $320.00 to $375.00 in a research report on Monday, May 22nd. Truist Financial increased their target price on NVIDIA from $322.00 to $470.00 in a research report on Thursday, May 25th. Finally, HSBC raised NVIDIA from a “reduce” rating to a “buy” rating and increased their target price for the stock from $175.00 to $355.00 in a research report on Tuesday, April 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $383.19.

NVIDIA Price Performance

Shares of NVIDIA stock opened at $430.25 on Friday. NVIDIA Co. has a one year low of $108.13 and a one year high of $439.90. The stock’s fifty day moving average is $334.82 and its 200 day moving average is $252.39. The stock has a market cap of $1.06 trillion, a P/E ratio of 224.09, a P/E/G ratio of 2.95 and a beta of 1.75. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.79 and a current ratio of 3.43.

NVIDIA (NASDAQ:NVDA – Get Rating) last announced its earnings results on Wednesday, May 24th. The computer hardware maker reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.17. NVIDIA had a return on equity of 23.63% and a net margin of 18.52%. The company had revenue of $7.19 billion for the quarter, compared to analysts’ expectations of $6.52 billion. During the same period last year, the firm earned $1.18 EPS. NVIDIA’s revenue for the quarter was down 13.2% compared to the same quarter last year. Sell-side analysts anticipate that NVIDIA Co. will post 6.29 earnings per share for the current year.

NVIDIA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 8th will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, June 7th. This represents a $0.16 dividend on an annualized basis and a yield of 0.04%. NVIDIA’s dividend payout ratio is presently 8.33%.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 100,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $379.00, for a total transaction of $37,900,000.00. Following the sale, the director now directly owns 3,397,136 shares of the company’s stock, valued at $1,287,514,544. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Mark A. Stevens sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $432.06, for a total transaction of $17,282,400.00. Following the completion of the transaction, the director now owns 1,052,286 shares in the company, valued at $454,650,689.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Tench Coxe sold 100,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $379.00, for a total value of $37,900,000.00. Following the transaction, the director now owns 3,397,136 shares of the company’s stock, valued at approximately $1,287,514,544. The disclosure for this sale can be found here. Insiders have sold a total of 372,988 shares of company stock valued at $148,368,561 over the last ninety days. 3.99% of the stock is currently owned by company insiders.

NVIDIA Profile

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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.