FormulaFolio Investments LLC Has $908,000 Holdings in NVIDIA Co. (NVDA)
FormulaFolio Investments LLC boosted its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 17.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,232 shares of the computer hardware maker’s stock after acquiring an additional 473 shares during the period. FormulaFolio Investments LLC’s holdings in NVIDIA were worth $908,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of NVDA. Cornerstone Advisors Inc. grew its position in NVIDIA by 22.0% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,835 shares of the computer hardware maker’s stock worth $672,000 after acquiring an additional 511 shares during the last quarter. Huntington National Bank lifted its holdings in NVIDIA by 24.4% during the 2nd quarter. Huntington National Bank now owns 1,260 shares of the computer hardware maker’s stock worth $298,000 after buying an additional 247 shares during the period. Cornerstone Wealth Management LLC acquired a new position in NVIDIA during the 2nd quarter worth about $865,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in NVIDIA by 94.5% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 16,120 shares of the computer hardware maker’s stock worth $298,000 after buying an additional 7,834 shares during the period. Finally, Sumitomo Life Insurance Co. lifted its holdings in NVIDIA by 4.2% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 17,975 shares of the computer hardware maker’s stock worth $4,258,000 after buying an additional 725 shares during the period. Institutional investors own 66.12% of the company’s stock.
In related news, insider Michael Byron sold 11,257 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $263.94, for a total transaction of $2,971,172.58. Following the transaction, the insider now directly owns 81,414 shares of the company’s stock, valued at approximately $21,488,411.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Colette Kress sold 11,576 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $266.31, for a total value of $3,082,804.56. Following the transaction, the chief financial officer now directly owns 297,482 shares in the company, valued at $79,222,431.42. The disclosure for this sale can be found here. Insiders sold a total of 113,707 shares of company stock worth $32,347,973 over the last three months. 4.70% of the stock is owned by company insiders.
NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Thursday, November 15th. The computer hardware maker reported $1.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.06). The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.24 billion. NVIDIA had a net margin of 37.78% and a return on equity of 51.60%. On average, equities research analysts forecast that NVIDIA Co. will post 7.15 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Friday, November 30th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.44%. This is an increase from NVIDIA’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, November 29th. NVIDIA’s payout ratio is currently 12.85%.
Several research analysts have commented on NVDA shares. Goldman Sachs Group lifted their target price on NVIDIA from $310.00 to $324.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. BidaskClub raised NVIDIA from a “buy” rating to a “strong-buy” rating in a report on Friday, August 10th. Wells Fargo & Co raised NVIDIA from an “underperform” rating to an “outperform” rating and lifted their target price for the stock from $140.00 to $315.00 in a report on Tuesday, August 14th. UBS Group raised NVIDIA from a “market perform” rating to an “outperform” rating in a report on Friday, August 17th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $250.00 target price (up from $243.00) on shares of NVIDIA in a report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have given a buy rating to the stock. NVIDIA has a consensus rating of “Buy” and a consensus target price of $261.28.
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NVIDIA Corporation operates as a visual computing company worldwide. It operates through two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for AI utilizing deep learning, accelerated computing, and general purpose computing; GRID provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.
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