Covea Finance Lowers Holdings in NVIDIA Co. (NASDAQ:NVDA)

Covea Finance cut its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 27.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 721,717 shares of the computer hardware maker’s stock after selling 275,343 shares during the quarter. NVIDIA makes up 3.8% of Covea Finance’s portfolio, making the stock its 4th largest holding. Covea Finance’s holdings in NVIDIA were worth $87,645,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Total Wealth Planning LLC boosted its holdings in shares of NVIDIA by 3.6% in the 3rd 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 in the last quarter. Perfromance Wealth Partners LLC increased its holdings in NVIDIA by 2.7% during the 3rd quarter. Perfromance Wealth Partners LLC now owns 1,306,313 shares of the computer hardware maker’s stock valued at $158,638,000 after purchasing an additional 33,953 shares in the last quarter. Next Level Private LLC raised its position in NVIDIA by 15.8% in the 3rd quarter. Next Level Private LLC now owns 3,365 shares of the computer hardware maker’s stock valued at $409,000 after purchasing an additional 460 shares during the last quarter. Meyer Handelman Co. boosted its stake in NVIDIA by 2.1% in the third quarter. Meyer Handelman Co. now owns 134,560 shares of the computer hardware maker’s stock worth $16,341,000 after purchasing an additional 2,740 shares in the last quarter. Finally, Bennett Selby Investments LP grew its holdings in shares of NVIDIA by 14.3% during the third quarter. Bennett Selby Investments LP now owns 19,528 shares of the computer hardware maker’s stock worth $2,371,000 after purchasing an additional 2,437 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, 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 sale, the chief executive officer now directly owns 75,895,836 shares in the company, valued at approximately $7,994,108,405.88. The trade was a 0.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark A. Stevens sold 155,000 shares of the 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 transaction, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,156,270 shares of company stock worth $254,784,327. Corporate insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

NVDA has been the topic of several research reports. JPMorgan Chase & Co. upped their price target on shares of NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Needham & Company LLC upped their target price on shares of NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Evercore ISI increased their price target on shares of NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Piper Sandler boosted their price objective on shares of NVIDIA from $140.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, TD Cowen upgraded NVIDIA to a “strong-buy” rating in a research report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $152.40.

NVIDIA Stock Up 0.3 %

Shares of NVDA stock opened at $146.76 on Friday. The company has a market capitalization of $3.60 trillion, a price-to-earnings ratio of 68.84, a P/E/G ratio of 1.56 and a beta of 1.66. NVIDIA Co. has a 12-month low of $45.01 and a 12-month high of $149.77. The firm has a fifty day moving average of $129.39 and a 200-day moving average of $119.51. 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 released its 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 firm had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company’s revenue was up 122.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS. As a group, equities research analysts predict that NVIDIA Co. will post 2.66 earnings per share for the current fiscal year.

NVIDIA announced that its board has initiated a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

NVIDIA Cuts Dividend

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

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.