Zurcher Kantonalbank Zurich Cantonalbank increases stake in NVIDIA Co. (NASDAQ:NVDA)

VaselineSeptember 23, 2024

0 5 minutes read

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 932.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,149,968 shares of the computer hardware maker’s stock after buying an additional 12,779,365 shares during the period. NVIDIA makes up about 5.7% of Zurcher Kantonalbank Zurich Cantonalbank’s portfolio, making the stock its 2nd biggest holding. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of NVIDIA worth $1,748,087,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. Hamilton Wealth LLC boosted its stake in NVIDIA by 0.3% in the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock worth $2,839,000 after buying an additional 9 shares during the last quarter. Brooklyn FI LLC raised its stake in shares of NVIDIA by 2.5% in the 1st quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock valued at $442,000 after purchasing an additional 12 shares during the period. Curran Financial Partners LLC grew its position in shares of NVIDIA by 1.8% in the first quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock worth $625,000 after buying an additional 12 shares during the last quarter. Beacon Bridge Wealth Partners LLC raised its stake in shares of NVIDIA by 2.6% in the first quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock worth $428,000 after purchasing an additional 12 shares during the period. Finally, M. Kraus & Co grew its position in NVIDIA by 2.0% in the first quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock valued at $594,000 after purchasing an additional 13 shares during the period. 65.27% of the shares are held by hedge funds and other institutional investors.

NVIDIA Price Performance

Shares of NVDA opened at $116.00 on Monday. The company has a current ratio of 4.27, a quick ratio of 3.79, and a debt-to-equity ratio of 0.15. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The stock has a market cap of $2.85 trillion, a PE ratio of 67.84, a P/E/G ratio of 1.06 and a beta of 1.67. The company has a 50-day moving average price of $115.99 and a 200-day moving average price of $107.24.

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NVIDIA (NASDAQ:NVDA – Get Your Free Report ) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. In the same quarter last year, the company posted earnings of $0.25 per share. The company’s quarterly revenue was up 122.4% year over year. Equities research analysts anticipate that NVIDIA Co. will post 2.64 earnings per share for the current year.

NVIDIA announced that its board has authorized a stock buyback program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This buyback authorization allows the computer hardware maker to buy back up to 1.6% of its shares through open market purchases. Stock buyback programs are usually an indication that a company’s board of directors believes its stock is undervalued.

NVIDIA cuts dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be given a $0.01 dividend. The ex-dividend date is Thursday, September 12. This represents a dividend of $0.04 on an annualized basis and a yield of 0.03%. NVIDIA’s payout ratio is 2.34%.

NVIDIA Insider Trading

In other news, CFO Colette Kress sold 66,670 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.59, for a total value of $7,773,055.30. Following the transaction, the chief financial officer now directly owns 4,954,214 shares in the company, valued at $577,611,810.26. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In related news, CFO Colette Kress sold 66,670 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the sale, the chief financial officer now owns 4,954,214 shares in the company, valued at $577,611,810.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the transaction, the insider now directly owns 492,409 shares in the company, valued at approximately $57,370,572.59. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,472,303 shares of company stock worth $417,461,507. 4.23% of shares are currently owned by insiders.

Analysts on Wall Street are forecasting an increase

NVDA has been the subject of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Rosenblatt Securities reissued a “buy” rating and set a $200.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Craig Hallum boosted their price objective on NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. New Street Research upgraded NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Tuesday, August 6th. Finally, TD Cowen upgraded shares of NVIDIA to a “strong-buy” rating in a research note on Monday, September 16th. Five research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and an average target price of $142.10.

Check out our latest analysis on NVDA

NVIDIA profile

(Free Report)

NVIDIA Corporation provides graphics and computing 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 graphics workstations; 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.