Benjamin F. Edwards & Company Inc. Increases Investment in NVIDIA Co.
July 18, 2023: Benjamin F. Edwards & Company Inc. raised its ownership of NVIDIA Co. (NASDAQ:NVDA) stock in the first quarter by 45.8%, according to the latest filing with the Securities and Exchange Commission (SEC). The firm acquired an additional 13,189 shares, bringing its total holdings to 41,990 of the computer hardware maker’s stock. The value of Benjamin F. Edwards & Company Inc.’s NVIDIA holdings reached $11.66 million at the time of the SEC filing.
Notably, other hedge funds also changed their positions in NVIDIA during the same period. Opal Wealth Advisors LLC increased its stake in NVIDIA by 1.8%, while Westhampton Capital LLC grew its NVIDIA holdings by 0.7%. Naples Global Advisors LLC and Tradewinds Capital Management LLC also added to their NVIDIA positions, increasing 1.0% and 15.8%, respectively. Additionally, Northstar Asset Management LLC raised its NVIDIA holdings by 0.9%.
NVIDIA, a computer hardware maker, experienced a significant boost in share price, with the stock opening at $464.61 on the day of the report. The company’s stock has shown strong performance, with a 50-day simple moving average of $386.41 and a two-hundred-day simple moving average of $285.53. Over the past year, NVIDIA’s stock has seen substantial fluctuations, with a low of $108.13 and a high of $480.88. Currently, NVIDIA boasts a market capitalization of $1.15 trillion and a price-to-earnings ratio of 241.99.
The computer hardware maker recently reported quarterly earnings, exceeding analysts’ consensus estimates. During the quarter, NVIDIA generated revenue of $7.19 billion, surpassing the expected $6.52 billion. Earnings per share for the quarter were reported at $1.09, beating the analysts’ consensus estimate by $0.17. The company’s net margin stood at 18.52%, with a return on equity of 23.63%.
NVIDIA also announced its quarterly dividend, with investors of record receiving a $0.04 dividend. The dividend yield is approximately 0.03%, and the current payout ratio is 8.33%.
Market analysts have been optimistic about NVIDIA’s future, with several firms raising their price targets on the stock. Truist Financial, for instance, increased its price target to $545.00 and assigned a “buy” rating to the company. Daiwa Capital Markets upgraded NVIDIA from a “neutral” rating to an “outperform” rating and raised its price target to $475.00.
NVIDIA remains an attractive investment option, and its strong performance in the market has garnered attention from individual and institutional investors. The company’s focus on graphics and compute solutions, as well as its commitment to data analytics, has contributed to its growth in the market. Despite fluctuations in the stock price, NVIDIA remains a popular choice among investors, and its ongoing advancements in technology and innovation are expected to drive further growth.
