Prio Wealth Limited Partnership Trims Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Prio Wealth Limited Partnership cut its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 3.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,446,547 shares of the computer hardware maker’s stock after selling 48,885 shares during the period. NVIDIA makes up approximately 5.1% of Prio Wealth Limited Partnership’s investment portfolio, making the stock its 3rd largest holding. Prio Wealth Limited Partnership’s holdings in NVIDIA were worth $175,669,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. lifted its holdings in shares of NVIDIA by 897.5% in the second 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 purchasing an additional 107,169 shares in the last quarter. Truepoint Inc. raised its holdings in 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 acquiring an additional 11,709 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in NVIDIA by 683.9% during the second quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker’s stock worth $29,505,000 after acquiring an additional 208,362 shares in the last quarter. Legal & General Group Plc raised its holdings in NVIDIA by 884.0% during the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after acquiring an additional 191,469,114 shares in the last quarter. Finally, Lombard Odier Asset Management Europe Ltd raised its holdings 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 worth $65,758,000 after acquiring an additional 488,148 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Mizuho upped their target price on NVIDIA from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Truist Financial boosted their price target on NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Benchmark boosted their price target on NVIDIA from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Oppenheimer reissued an “outperform” rating and set a $175.00 price target on shares of NVIDIA in a research report on Thursday, November 21st. Finally, New Street Research raised 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. Four analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.15.

Insider Activity

In other news, Director John Dabiri sold 716 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $142.00, for a total value of $101,672.00. Following the completion of the transaction, the director now directly owns 19,942 shares in the company, valued at approximately $2,831,764. This represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $119.03, for a total value of $14,283,600.00. Following the completion of the transaction, the chief executive officer now owns 76,494,995 shares of the company’s stock, valued at $9,105,199,254.85. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,156,986 shares of company stock worth $254,885,999. Insiders own 4.23% of the company’s stock.

NVIDIA Stock Down 1.2 %

NASDAQ NVDA opened at $135.34 on Thursday. The business has a fifty day moving average price of $135.26 and a two-hundred day moving average price of $123.26. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64. NVIDIA Co. has a fifty-two week low of $45.01 and a fifty-two week high of $152.89. The stock has a market capitalization of $3.31 trillion, a PE ratio of 53.26, a PEG ratio of 2.46 and a beta of 1.66.

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

NVIDIA Announces Dividend

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

NVIDIA announced that its board has authorized a share buyback plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.