Precedent Wealth Partners LLC Sells 1,051 Shares of NVIDIA Co. (NASDAQ:NVDA)

Precedent Wealth Partners LLC reduced its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 9.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,131 shares of the computer hardware maker’s stock after selling 1,051 shares during the quarter. Precedent Wealth Partners LLC’s holdings in NVIDIA were worth $1,230,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Lowe Wealth Advisors LLC purchased a new stake in shares of NVIDIA during the 2nd quarter worth approximately $25,000. DHJJ Financial Advisors Ltd. grew its holdings in NVIDIA by 1,900.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after purchasing an additional 190 shares during the period. FPC Investment Advisory Inc. purchased a new stake in NVIDIA in the first quarter worth $26,000. CGC Financial Services LLC bought a new stake in shares of NVIDIA in the second quarter valued at $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new position in shares of NVIDIA during the 1st quarter valued at $27,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NVDA shares. Truist Financial lifted their price objective on NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. William Blair began coverage on shares of NVIDIA in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. JPMorgan Chase & Co. boosted their price target on shares of NVIDIA from $155.00 to $170.00 and gave the company an “overweight” rating in a research report on Thursday. TD Cowen raised their price objective on shares of NVIDIA from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday. Finally, New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and a consensus target price of $164.15.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $141.95 on Friday. The company 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. The business has a 50 day moving average of $134.01 and a 200 day moving average of $122.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.79. NVIDIA Co. has a 1-year low of $45.01 and a 1-year high of $152.89.

NVIDIA (NASDAQ:NVDA) last announced 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. The company had revenue of $35.08 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company earned $0.38 EPS. On average, sell-side analysts predict that NVIDIA Co. will post 2.68 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

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

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

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction 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 transaction, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The trade was a 14.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Insiders own 4.23% of the company’s stock.

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.