NVIDIA Co. (NASDAQ:NVDA) Position Trimmed by New York State Common Retirement Fund

New York State Common Retirement Fund cut its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 9.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,468,234 shares of the computer hardware maker’s stock after selling 3,096,635 shares during the period. NVIDIA accounts for about 5.0% of New York State Common Retirement Fund’s investment portfolio, making the stock its 3rd largest position. New York State Common Retirement Fund owned approximately 0.12% of NVIDIA worth $3,700,062,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hoertkorn Richard Charles raised its stake in shares of NVIDIA by 2.0% in the third quarter. Hoertkorn Richard Charles now owns 3,490 shares of the computer hardware maker’s stock worth $424,000 after acquiring an additional 70 shares during the last quarter. Total Wealth Planning LLC raised its stake in shares of NVIDIA by 3.6% in the third quarter. Total Wealth Planning LLC now owns 2,275 shares of the computer hardware maker’s stock worth $276,000 after acquiring an additional 78 shares during the last quarter. Boyd Watterson Asset Management LLC OH raised its stake in shares of NVIDIA by 0.3% in the third quarter. Boyd Watterson Asset Management LLC OH now owns 30,080 shares of the computer hardware maker’s stock worth $3,653,000 after acquiring an additional 80 shares during the last quarter. Pavion Blue Capital LLC raised its stake in shares of NVIDIA by 0.4% in the third quarter. Pavion Blue Capital LLC now owns 21,650 shares of the computer hardware maker’s stock worth $2,629,000 after acquiring an additional 80 shares during the last quarter. Finally, L. Roy Papp & Associates LLP raised its stake in shares of NVIDIA by 2.5% in the third quarter. L. Roy Papp & Associates LLP now owns 3,471 shares of the computer hardware maker’s stock worth $422,000 after acquiring an additional 85 shares during the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on NVDA. Deutsche Bank Aktiengesellschaft raised their target price on shares of NVIDIA from $115.00 to $140.00 and gave the company a “hold” rating in a research note on Thursday, November 21st. DA Davidson raised their target price on shares of NVIDIA from $90.00 to $135.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Benchmark raised their target price on shares of NVIDIA from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Piper Sandler upped their price target on NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, Phillip Securities reaffirmed an “accumulate” rating and issued a $160.00 price target (up from $155.00) on shares of NVIDIA in a research note on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $164.15.

Insider Activity at NVIDIA

In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 492,409 shares in the company, valued at $57,370,572.59. This trade represents a 0.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the transaction, the chief financial officer now owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,628,156 shares of company stock valued at $197,995,077. 4.23% of the stock is owned by insiders.

NVIDIA Stock Down 2.2 %

Shares of NVDA opened at $134.25 on Friday. NVIDIA Co. has a 12 month low of $47.32 and a 12 month high of $152.89. The firm’s 50 day moving average is $139.76 and its 200-day moving average is $126.60. The stock has a market capitalization of $3.29 trillion, a PE ratio of 52.85, a P/E/G ratio of 2.52 and a beta of 1.63. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. The company had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The firm’s revenue was up 93.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. Equities research analysts forecast that NVIDIA Co. will post 2.76 EPS for the current year.

NVIDIA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend is Thursday, December 5th. NVIDIA’s dividend payout ratio (DPR) is presently 1.57%.

NVIDIA declared that its Board of Directors has initiated a share repurchase 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 buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are 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.