Formidable Asset Management LLC Boosts Holdings in NVIDIA Corporation (NASDAQ:NVDA)

Formidable Asset Management LLC grew its position in shares of NVIDIA Corporation (NASDAQ:NVDA) by 0.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 144,872 shares of the computer hardware maker’s stock after buying an additional 819 shares during the quarter. NVIDIA makes up approximately 2.6% of Formidable Asset Management LLC’s portfolio, making the stock its 6th largest position. Formidable Asset Management LLC’s holdings in NVIDIA were worth $15,701,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of NVIDIA by 0.7% in the fourth quarter. FMR LLC now owns 1,004,376,608 shares of the computer hardware maker’s stock worth $134,877,735,000 after purchasing an additional 6,665,252 shares during the period. Geode Capital Management LLC increased its position in shares of NVIDIA by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 555,548,278 shares of the computer hardware maker’s stock worth $74,439,273,000 after purchasing an additional 9,468,786 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of NVIDIA by 0.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 411,328,951 shares of the computer hardware maker’s stock worth $55,237,367,000 after purchasing an additional 3,721,331 shares during the period. Norges Bank bought a new position in shares of NVIDIA in the fourth quarter worth $43,515,504,000. Finally, Northern Trust Corp increased its position in shares of NVIDIA by 15.8% in the fourth quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker’s stock worth $35,782,134,000 after purchasing an additional 36,266,817 shares during the period. Institutional investors own 65.27% of the company’s stock.

Insider Buying and Selling

In other NVIDIA news, Director Mark A. Stevens sold 935,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $140.92, for a total value of $131,760,200.00. Following the completion of the transaction, the director owned 9,214,697 shares in the company, valued at $1,298,535,101.24. This represents a 9.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jen Hsun Huang sold 75,000 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $152.54, for a total value of $11,440,500.00. Following the completion of the transaction, the chief executive officer owned 75,548,225 shares of the company’s stock, valued at $11,524,126,241.50. This trade represents a 0.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,837,440 shares of company stock worth $889,404,782 in the last ninety days. Corporate insiders own 4.17% of the company’s stock.

NVIDIA Trading Up 0.2%

Shares of NVDA stock opened at $182.02 on Friday. The company has a market cap of $4.44 trillion, a P/E ratio of 58.72, a PEG ratio of 1.60 and a beta of 2.14. The stock has a 50 day simple moving average of $163.18 and a two-hundred day simple moving average of $135.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39. NVIDIA Corporation has a fifty-two week low of $86.62 and a fifty-two week high of $184.48.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.06). The firm had revenue of $44.06 billion for the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The company’s revenue was up 69.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.61 EPS. Research analysts forecast that NVIDIA Corporation will post 2.77 earnings per share for the current year.

NVIDIA Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 11th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. NVIDIA’s payout ratio is presently 1.29%.

Analyst Ratings Changes

A number of brokerages recently commented on NVDA. Truist Financial raised their price target on NVIDIA from $205.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, May 29th. Morgan Stanley raised their price objective on NVIDIA from $170.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Summit Insights raised NVIDIA from a “hold” rating to a “buy” rating in a research note on Thursday, May 29th. Citigroup raised their price objective on NVIDIA from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Finally, The Goldman Sachs Group assumed coverage on NVIDIA in a research note on Thursday, July 10th. They issued a “buy” rating and a $185.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA presently has a consensus rating of “Moderate Buy” and an average price target of $186.33.

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.