Raymond James & Associates Raises Stake in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jun 28th, 2023

Raymond James & Associates boosted its position in NVIDIA Co. (NASDAQ:NVDA – Get Rating) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,930,761 shares of the computer hardware maker’s stock after buying an additional 24,977 shares during the period. NVIDIA makes up approximately 0.7% of Raymond James & Associates’ investment portfolio, making the stock its 19th largest holding. Raymond James & Associates owned 0.12% of NVIDIA worth $814,077,000 at the end of the most recent quarter.

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

NVIDIA Stock Performance

NASDAQ NVDA opened at $418.76 on Wednesday. The stock has a market cap of $1.03 trillion, a PE ratio of 218.11, a P/E/G ratio of 2.80 and a beta of 1.75. The company has a current ratio of 3.43, a quick ratio of 2.79 and a debt-to-equity ratio of 0.40. NVIDIA Co. has a twelve month low of $108.13 and a twelve month high of $439.90. The stock has a fifty day simple moving average of $343.47 and a 200-day simple moving average of $258.89.

NVIDIA (NASDAQ:NVDA – Get Rating) last released its quarterly earnings results on Wednesday, May 24th. The computer hardware maker reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.17. The business had revenue of $7.19 billion during the quarter, compared to analysts’ expectations of $6.52 billion. NVIDIA had a return on equity of 23.63% and a net margin of 18.52%. The company’s revenue was down 13.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.18 EPS. Equities analysts anticipate that NVIDIA Co. will post 6.31 earnings per share for the current year.

NVIDIA Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. BMO Capital Markets upped their price objective on NVIDIA from $350.00 to $450.00 in a research report on Thursday, May 25th. KeyCorp upped their target price on NVIDIA from $320.00 to $375.00 in a research note on Monday, May 22nd. Wedbush raised NVIDIA from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $290.00 to $490.00 in a research note on Thursday, May 25th. Barclays upped their target price on NVIDIA from $275.00 to $500.00 in a research note on Thursday, May 25th. Finally, TheStreet raised NVIDIA from a “c+” rating to a “b-” rating in a research note on Monday, March 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $383.19.

Insider Activity at NVIDIA

In related news, Director Dawn E. Hudson sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $274.55, for a total transaction of $1,372,750.00. Following the completion of the transaction, the director now directly owns 85,350 shares in the company, valued at approximately $23,432,842.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other NVIDIA news, Director Dawn E. Hudson sold 5,000 shares of the stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $274.55, for a total value of $1,372,750.00. Following the sale, the director now owns 85,350 shares of the company’s stock, valued at approximately $23,432,842.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark A. Stevens sold 40,000 shares of the stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $432.06, for a total value of $17,282,400.00. Following the completion of the sale, the director now directly owns 1,052,286 shares in the company, valued at approximately $454,650,689.16. The disclosure for this sale can be found here. Insiders sold 373,271 shares of company stock worth $148,488,703 in the last three months. 3.99% of the stock is 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.