Joule Financial LLC Reduces Holdings in NVIDIA Co. (NASDAQ:NVDA)

Joule Financial LLC reduced its position in NVIDIA Co. (NASDAQ:NVDA) by 17.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,618 shares of the computer hardware maker’s stock after selling 571 shares during the period. Joule Financial LLC’s holdings in NVIDIA were worth $318,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NVDA. University of Texas Texas AM Investment Management Co. boosted its stake in NVIDIA by 897.5% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 119,110 shares of the computer hardware maker’s stock valued at $14,715,000 after acquiring an additional 107,169 shares during the last quarter. Truepoint Inc. lifted its position in shares of NVIDIA by 914.1% during the second quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock worth $1,605,000 after purchasing an additional 11,709 shares during the last quarter. Westwood Holdings Group Inc. grew its stake in NVIDIA by 683.9% in the second quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker’s stock worth $29,505,000 after purchasing an additional 208,362 shares in the last quarter. Legal & General Group Plc increased its holdings in NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after buying an additional 191,469,114 shares during the last quarter. Finally, Lombard Odier Asset Management Europe Ltd raised its stake in NVIDIA by 1,106.0% during the second quarter. Lombard Odier Asset Management Europe Ltd now owns 532,285 shares of the computer hardware maker’s stock valued at $65,758,000 after buying an additional 488,148 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NVDA shares. HSBC lifted their target price on NVIDIA from $145.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Wells Fargo & Company increased their target price on shares of NVIDIA from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday. 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 report on Tuesday, August 6th. The Goldman Sachs Group boosted their price objective on shares of NVIDIA from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Oppenheimer reiterated an “outperform” rating and set a $175.00 price objective on shares of NVIDIA in a research note on Thursday. Four analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and an average price target of $164.15.

Insiders Place Their Bets

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the sale, the insider now owns 492,409 shares in the company, valued at $57,370,572.59. This represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Monday, September 9th. The shares were 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 in the company, valued at $7,994,108,405.88. This represents a 0.16 % 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 worth $254,784,327 over the last ninety days. 4.23% of the stock is currently owned by company insiders.

NVIDIA Trading Down 3.2 %

Shares of NASDAQ:NVDA opened at $141.95 on Friday. The stock has a market capitalization of $3.48 trillion, a price-to-earnings ratio of 55.89, a PEG ratio of 1.53 and a beta of 1.66. NVIDIA Co. has a 1-year low of $45.01 and a 1-year high of $152.89. The company has a 50 day moving average price of $134.01 and a 200 day moving average price of $122.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.79 and a current ratio of 4.10.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The business had revenue of $35.08 billion for the quarter, compared to analysts’ expectations of $33.15 billion. During the same period in the previous year, the firm posted $0.38 EPS. The company’s quarterly revenue was up 93.6% on a year-over-year basis. On average, research analysts anticipate that NVIDIA Co. will post 2.68 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, December 5th. NVIDIA’s dividend payout ratio is presently 1.57%.

NVIDIA declared that its board has authorized a stock buyback plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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.