Patton Fund Management Inc. Sells 15,412 Shares of NVIDIA Co. (NASDAQ:NVDA)

Patton Fund Management Inc. trimmed its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 22.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,493 shares of the computer hardware maker’s stock after selling 15,412 shares during the quarter. NVIDIA makes up 1.3% of Patton Fund Management Inc.’s holdings, making the stock its 16th biggest holding. Patton Fund Management Inc.’s holdings in NVIDIA were worth $6,496,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. increased its holdings in NVIDIA by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock worth $34,597,000 after purchasing an additional 13,135 shares in the last quarter. Empowered Funds LLC increased its holdings in NVIDIA by 23.0% in the first quarter. Empowered Funds LLC now owns 71,262 shares of the computer hardware maker’s stock worth $64,389,000 after purchasing an additional 13,315 shares in the last quarter. Allen Investment Management LLC increased its holdings in NVIDIA by 20.2% in the first quarter. Allen Investment Management LLC now owns 65,718 shares of the computer hardware maker’s stock worth $59,380,000 after purchasing an additional 11,047 shares in the last quarter. Monolith Management Ltd increased its holdings in NVIDIA by 266.8% in the first quarter. Monolith Management Ltd now owns 70,250 shares of the computer hardware maker’s stock worth $63,475,000 after purchasing an additional 51,100 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management UK Ltd. grew its stake in NVIDIA by 155.3% in the first quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 9,700 shares of the computer hardware maker’s stock valued at $8,765,000 after acquiring an additional 5,900 shares during the period. 65.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 8,100,117 shares in the company, valued at $1,071,402,475.59. The trade was a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $105.33, for a total value of $12,639,600.00. Following the transaction, the chief executive officer now owns 75,895,836 shares of the company’s stock, valued at approximately $7,994,108,405.88. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock worth $254,784,327 over the last ninety days. 4.23% of the stock is owned by corporate insiders.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $146.71 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. NVIDIA Co. has a 52-week low of $45.01 and a 52-week high of $152.89. The firm has a market cap of $3.60 trillion, a price-to-earnings ratio of 68.81, a PEG ratio of 1.54 and a beta of 1.66. The business’s fifty day moving average is $133.55 and its 200 day moving average is $121.72.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. During the same period in the previous year, the company posted $0.38 EPS. The firm’s revenue for the quarter was up 93.6% compared to the same quarter last year. Research analysts predict that NVIDIA Co. will post 2.68 EPS for the current year.

NVIDIA declared that its board has initiated a share repurchase program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

NVIDIA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be 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 is Thursday, December 5th. NVIDIA’s payout ratio is 1.88%.

Analyst Ratings Changes

NVDA has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on NVIDIA from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler raised their price objective on NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Stifel Nicolaus raised their price objective on NVIDIA from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Tuesday. Morgan Stanley raised their price objective on NVIDIA from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, DA Davidson reissued a “neutral” rating and issued a $90.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $160.82.

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.