Sound Income Strategies LLC Boosts Position in NVIDIA Co. (NASDAQ:NVDA)

Sound Income Strategies LLC lifted its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 7.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,188 shares of the computer hardware maker’s stock after buying an additional 2,783 shares during the quarter. Sound Income Strategies LLC’s holdings in NVIDIA were worth $4,880,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. FPC Investment Advisory Inc. purchased a new stake in shares of NVIDIA in the first quarter valued at $26,000. Koesten Hirschmann & Crabtree INC. acquired a new position in NVIDIA in the 1st quarter valued at about $27,000. HBC Financial Services PLLC purchased a new position in NVIDIA in the 1st quarter valued at about $30,000. TCTC Holdings LLC acquired a new stake in shares of NVIDIA during the 1st quarter worth about $82,000. Finally, Delos Wealth Advisors LLC grew its holdings in shares of NVIDIA by 600.0% during the first quarter. Delos Wealth Advisors LLC now owns 112 shares of the computer hardware maker’s stock worth $101,000 after buying an additional 96 shares in the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of NVIDIA from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Wedbush reaffirmed an “outperform” rating and issued a $160.00 price objective (up previously from $138.00) on shares of NVIDIA in a research report on Thursday. Mizuho increased their target price on NVIDIA from $140.00 to $165.00 and gave the stock an “outperform” rating in a research report on Tuesday. The Goldman Sachs Group lifted their price target on NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a report on Friday, October 11th. Finally, HSBC increased their price objective on shares of NVIDIA from $145.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.40.

NVIDIA Stock Performance

Shares of NVDA opened at $141.98 on Friday. The firm has a market cap of $3.48 trillion, a price-to-earnings ratio of 66.66, a PEG ratio of 1.54 and a beta of 1.66. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $130.18 and its two-hundred day moving average is $119.70. NVIDIA Co. has a 52-week low of $45.01 and a 52-week high of $149.77.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) 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 firm’s quarterly revenue was up 122.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 earnings per share. Analysts forecast that NVIDIA Co. will post 2.66 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were paid a $0.01 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 1.88%.

NVIDIA declared that its board has initiated a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $110.76, for a total transaction of $13,291,200.00. Following the completion of the sale, the chief executive officer now owns 76,375,705 shares of the company’s stock, valued at $8,459,373,085.80. This represents a 0.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the transaction, the insider now directly owns 492,409 shares in the company, valued at $57,370,572.59. This represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock valued at $254,784,327 over the last three months. 4.23% of the stock is owned by 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.