MKM Partners Boosts Nvidia Corp. (NVDA) Price Target to $74.00
Nvidia Corp. (NASDAQ:NVDA) had its price target boosted by MKM Partners from $70.00 to $74.00 in a report released on Thursday. MKM Partners currently has a buy rating on the computer hardware maker’s stock.
A number of other research firms have also issued reports on NVDA. Nomura reiterated a buy rating and issued a $62.50 target price on shares of Nvidia Corp. in a report on Monday, September 12th. RBC Capital Markets reiterated an outperform rating and issued a $72.00 target price on shares of Nvidia Corp. in a report on Wednesday, August 31st. Vetr upgraded Nvidia Corp. from a hold rating to a buy rating and set a $67.35 target price for the company in a report on Monday, September 5th. Jefferies Group lifted their target price on Nvidia Corp. from $56.00 to $69.00 and gave the company a buy rating in a report on Monday, August 8th. Finally, Needham & Company LLC reiterated a hold rating on shares of Nvidia Corp. in a report on Wednesday, August 24th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty have assigned a buy rating to the stock. Nvidia Corp. presently has a consensus rating of Buy and a consensus price target of $57.20.
Shares of Nvidia Corp. (NASDAQ:NVDA) opened at 63.09 on Thursday. The company’s 50 day moving average price is $61.14 and its 200 day moving average price is $47.06. Nvidia Corp. has a 52-week low of $22.50 and a 52-week high of $65.26. The stock has a market capitalization of $33.75 billion, a PE ratio of 41.45 and a beta of 1.26.
Nvidia Corp. (NASDAQ:NVDA) last released its quarterly earnings results on Thursday, August 11th. The computer hardware maker reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. Nvidia Corp. had a return on equity of 20.86% and a net margin of 16.58%. The business earned $1.43 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 23.9% on a year-over-year basis. On average, equities research analysts anticipate that Nvidia Corp. will post $1.85 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Thursday, August 25th were issued a $0.115 dividend. The ex-dividend date was Tuesday, August 23rd. This represents a $0.46 annualized dividend and a yield of 0.73%. Nvidia Corp.’s dividend payout ratio (DPR) is presently 30.26%.
In other news, CEO Jen Hsun Huang sold 40,000 shares of the company’s stock in a transaction on Wednesday, July 13th. The stock was sold at an average price of $52.94, for a total transaction of $2,117,600.00. Following the completion of the sale, the chief executive officer now directly owns 1,817,279 shares in the company, valued at approximately $96,206,750.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Colette Kress sold 38,039 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $62.18, for a total value of $2,365,265.02. Following the sale, the chief financial officer now owns 512,374 shares of the company’s stock, valued at $31,859,415.32. The disclosure for this sale can be found here. 5.82% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Natixis increased its stake in Nvidia Corp. by 91.1% in the first quarter. Natixis now owns 1,754,727 shares of the computer hardware maker’s stock worth $62,521,000 after buying an additional 836,276 shares during the last quarter. Legal & General Group Plc increased its stake in Nvidia Corp. by 5.1% in the first quarter. Legal & General Group Plc now owns 2,243,547 shares of the computer hardware maker’s stock worth $79,938,000 after buying an additional 107,884 shares during the last quarter. Trinity Street Asset Management LLP increased its stake in Nvidia Corp. by 154.6% in the second quarter. Trinity Street Asset Management LLP now owns 563,363 shares of the computer hardware maker’s stock worth $26,483,000 after buying an additional 342,092 shares during the last quarter. Clark Capital Management Group Inc. purchased a new stake in Nvidia Corp. during the first quarter worth approximately $7,723,000. Finally, CIBC Asset Management Inc increased its stake in Nvidia Corp. by 0.9% in the second quarter. CIBC Asset Management Inc now owns 70,283 shares of the computer hardware maker’s stock worth $3,304,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 86.69% of the company’s stock.
About Nvidia Corp.
NVIDIA Corporation (NVIDIA) is engaged in visual computing. The Company operates through segments, including GPU and Tegra Processor. Its GPU businesses include GeForce for personal computer (PC) gaming; Quadro for design professionals working in computer-aided design, video editing, special effects and other creative applications; Tesla for deep learning and accelerated computing, leveraging the parallel computing capabilities of graphics processing units (GPUs) for general purpose computing, and GRID to provide the power of NVIDIA graphics through the cloud and datacenters.
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