Partnership Wealth Management LLC Trims Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Partnership Wealth Management LLC cut its holdings in NVIDIA Co. (NASDAQ:NVDA) by 32.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,380 shares of the computer hardware maker’s stock after selling 4,439 shares during the quarter. NVIDIA makes up about 0.8% of Partnership Wealth Management LLC’s holdings, making the stock its 24th biggest holding. Partnership Wealth Management LLC’s holdings in NVIDIA were worth $1,139,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its position in shares of NVIDIA by 7.1% in the 3rd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 35,766 shares of the computer hardware maker’s stock worth $4,344,000 after buying an additional 2,357 shares during the period. Future Financial Wealth Managment LLC boosted its stake in NVIDIA by 4.6% in the 3rd quarter. Future Financial Wealth Managment LLC now owns 4,290 shares of the computer hardware maker’s stock worth $521,000 after purchasing an additional 189 shares in the last quarter. Gill Capital Partners LLC boosted its stake in NVIDIA by 11.3% in the 3rd quarter. Gill Capital Partners LLC now owns 20,105 shares of the computer hardware maker’s stock worth $2,442,000 after purchasing an additional 2,044 shares in the last quarter. Strategic Wealth Partners Ltd. boosted its stake in NVIDIA by 28.2% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 84,196 shares of the computer hardware maker’s stock worth $10,225,000 after purchasing an additional 18,533 shares in the last quarter. Finally, Udine Wealth Management Inc. boosted its stake in NVIDIA by 15.6% in the 3rd quarter. Udine Wealth Management Inc. now owns 11,811 shares of the computer hardware maker’s stock worth $1,434,000 after purchasing an additional 1,591 shares in the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NVDA shares. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a research note on Tuesday, August 6th. Westpark Capital upped their price target on shares of NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Needham & Company LLC upped their price target on shares of NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Cantor Fitzgerald restated an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a research note on Tuesday, October 8th. Finally, Bank of America upped their target price on shares of NVIDIA from $165.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, NVIDIA currently has a consensus rating of “Moderate Buy” and an average target price of $143.07.

NVIDIA Stock Down 0.8 %

Shares of NVDA opened at $147.63 on Friday. The company has a market cap of $3.62 trillion, a PE ratio of 69.25, a P/E/G ratio of 1.54 and a beta of 1.66. The business has a fifty day moving average of $127.27 and a 200 day moving average of $117.94. NVIDIA Co. has a 52-week low of $45.01 and a 52-week high of $149.77. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The company had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. NVIDIA’s revenue was up 122.4% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. On average, sell-side analysts expect that NVIDIA Co. will post 2.66 EPS for the current year.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 1.88%.

NVIDIA declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at NVIDIA

In other news, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the sale, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $116.51, for a total value of $524,295.00. Following the transaction, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,156,270 shares of company stock worth $254,784,327. 4.23% of the stock is currently owned by insiders.

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.