Grove Bank & Trust Reduces Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Grove Bank & Trust cut its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 19.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,975 shares of the computer hardware maker’s stock after selling 21,562 shares during the period. NVIDIA makes up 1.6% of Grove Bank & Trust’s holdings, making the stock its 13th biggest holding. Grove Bank & Trust’s holdings in NVIDIA were worth $10,927,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hamilton Wealth LLC grew its position in shares of NVIDIA by 0.3% during the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock worth $2,839,000 after buying an additional 9 shares in the last quarter. Beacon Bridge Wealth Partners LLC grew its holdings in NVIDIA by 2.6% during the 1st quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock worth $428,000 after acquiring an additional 12 shares in the last quarter. Poehling Capital Management INC. increased its position in shares of NVIDIA by 0.9% in the 1st quarter. Poehling Capital Management INC. now owns 1,596 shares of the computer hardware maker’s stock valued at $1,442,000 after purchasing an additional 14 shares during the last quarter. FSA Wealth Management LLC raised its holdings in shares of NVIDIA by 3.0% in the 1st quarter. FSA Wealth Management LLC now owns 486 shares of the computer hardware maker’s stock valued at $439,000 after purchasing an additional 14 shares in the last quarter. Finally, Clean Yield Group lifted its position in shares of NVIDIA by 0.8% during the 1st quarter. Clean Yield Group now owns 1,795 shares of the computer hardware maker’s stock worth $1,622,000 after purchasing an additional 15 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Trading Down 3.3 %

Shares of NVDA stock opened at $141.98 on Monday. The stock has a market cap of $3.48 trillion, a P/E ratio of 66.60, a P/E/G ratio of 1.49 and a beta of 1.66. 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 Co. has a fifty-two week low of $45.01 and a fifty-two week high of $149.77. The business has a fifty day simple moving average of $130.97 and a 200-day simple moving average of $120.58.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same period last year, the firm posted $0.25 EPS. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. On average, analysts forecast that NVIDIA Co. will post 2.67 earnings per share for the current fiscal year.

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

NVIDIA Cuts Dividend

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

Insider Transactions at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. The trade was a 14.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the transaction, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock valued at $254,784,327 over the last three months. 4.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NVDA has been the subject of a number of recent analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $200.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Wells Fargo & Company upped their price target on NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Robert W. Baird raised their price objective on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. William Blair began coverage on shares of NVIDIA in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, Susquehanna increased their target price on shares of NVIDIA from $160.00 to $180.00 and gave the company a “positive” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $152.40.

NVIDIA Profile

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.