First Citizens Bank & Trust Co. Lowers Holdings in NVIDIA Co. (NASDAQ:NVDA)

First Citizens Bank & Trust Co. cut its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 11.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 445,803 shares of the computer hardware maker’s stock after selling 55,922 shares during the quarter. NVIDIA accounts for 0.8% of First Citizens Bank & Trust Co.’s investment portfolio, making the stock its 17th largest position. First Citizens Bank & Trust Co.’s holdings in NVIDIA were worth $54,138,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of NVDA. FPC Investment Advisory Inc. acquired a new stake in shares of NVIDIA during the 1st quarter worth about $26,000. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of NVIDIA during the 1st quarter worth approximately $27,000. TCTC Holdings LLC purchased a new position in shares of NVIDIA in the 1st quarter valued at $82,000. Delos Wealth Advisors LLC increased its position in shares of NVIDIA by 600.0% during the first quarter. Delos Wealth Advisors LLC now owns 112 shares of the computer hardware maker’s stock worth $101,000 after purchasing an additional 96 shares in the last quarter. Finally, Lowe Wealth Advisors LLC purchased a new position in NVIDIA during the 2nd quarter worth approximately $25,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Stock Performance

Shares of NASDAQ NVDA opened at $141.95 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.79 and a current ratio of 4.10. The firm has a market cap of $3.48 trillion, a P/E ratio of 55.89, a PEG ratio of 1.53 and a beta of 1.66. The stock has a fifty day moving average price of $134.01 and a two-hundred day moving average price of $122.51. NVIDIA Co. has a 1 year low of $45.01 and a 1 year high of $152.89.

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

NVIDIA Dividend Announcement

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

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 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 generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

NVDA has been the subject of several analyst reports. Loop Capital restated a “buy” rating and set a $175.00 price target on shares of NVIDIA in a research note on Wednesday, November 20th. Wedbush boosted their price target on shares of NVIDIA from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Thursday. 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 report on Tuesday, August 6th. Wells Fargo & Company increased their target price on NVIDIA from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Truist Financial lifted their price target on NVIDIA from $148.00 to $167.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Four equities research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $164.15.

Insider Buying and Selling

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $524,295.00. Following the transaction, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. This trade represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Company insiders own 4.23% of the company’s stock.

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.