Grant Private Wealth Boosts NVIDIA Stake by Over 300% in Q3

Grant Private Wealth Management Inc has significantly increased its stake in NVIDIA Corporation, raising its position by an impressive 309.3% during the third quarter of 2023. According to the firm’s recent filing with the U.S. Securities and Exchange Commission (SEC), Grant now owns 111,410 shares of the prominent computer hardware maker, following the purchase of an additional 84,191 shares during this period. This latest investment makes NVIDIA the largest holding in Grant’s portfolio, accounting for approximately 12.8% of its total investments, valued at around $20.79 million.

Several other institutional investors have also adjusted their positions in NVIDIA recently, reflecting a growing interest in the company. State Street Corp increased its holdings by 1.0% in the second quarter, now owning 978,208,862 shares, valued at approximately $154.56 billion. Similarly, Geode Capital Management LLC raised its stake by 1.5%, bringing its total to 579,213,497 shares, worth about $91.15 billion. Notably, Kingstone Capital Partners Texas LLC achieved an extraordinary increase of 267,959.7% in its holdings, acquiring 382,373,765 shares valued at approximately $64.98 billion.

Norges Bank also made headlines by purchasing a new stake in NVIDIA valued at $51.39 billion. Meanwhile, UBS Asset Management increased its holdings by 2.9% in the first quarter, now owning 206,794,926 shares worth about $22.41 billion. Overall, institutional investors now hold 65.27% of NVIDIA’s total stock.

Analysts Remain Bullish on NVIDIA

Analysts have responded positively to NVIDIA’s performance. A notable report from Loop Capital raised its target price for NVIDIA shares from $250.00 to $350.00, maintaining a “buy” rating. Similarly, Rosenblatt Securities adjusted its price target from $240.00 to $245.00, also issuing a “buy” recommendation. Other firms, including DZ Bank and Sanford C. Bernstein, reiterated “buy” ratings, with Bernstein setting a target of $275.00.

Currently, five analysts rate NVIDIA stock as a “Strong Buy,” while forty-five have assigned it a “Buy” rating. The average rating stands at “Buy,” with a target price of approximately $262.14, according to data from MarketBeat.

NVIDIA’s Financial Performance

NVIDIA shares opened at $180.99 recently, with the stock having a one-year low of $86.62 and a high of $212.19. The company’s market capitalization is currently $4.40 trillion, with a price-to-earnings (P/E) ratio of 44.91 and a beta of 2.29. As of now, NVIDIA’s debt-to-equity ratio stands at 0.06, indicating a solid financial position.

In its latest quarterly earnings report, released on November 19, 2023, NVIDIA reported earnings per share (EPS) of $1.30, surpassing analysts’ expectations of $1.23 by $0.07. The company achieved a revenue of $57.01 billion during the quarter, well above the anticipated $54.66 billion. This marks a 62.5% increase in revenue compared to the same quarter last year, when it posted an EPS of $0.81.

On December 26, 2023, NVIDIA has announced it will pay a quarterly dividend, distributing $0.01 per share to shareholders recorded by December 4, 2023. The ex-dividend date will also be December 4, resulting in an annualized dividend of $0.04 with a yield of 0.0%.

Founded in 1993 and headquartered in Santa Clara, California, NVIDIA Corporation designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. The company has evolved from a graphics-focused chipmaker into a comprehensive provider of accelerated computing hardware and software across various industries, with a diverse product portfolio that includes GPUs for gaming, professional visualization, and high-performance data center accelerators for AI applications.