Carnegie Investment Counsel Sells 158,139 Shares of NVIDIA Co. (NASDAQ:NVDA)

Carnegie Investment Counsel decreased its holdings in NVIDIA Co. (NASDAQ:NVDA) by 17.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 744,301 shares of the computer hardware maker’s stock after selling 158,139 shares during the quarter. NVIDIA makes up 2.7% of Carnegie Investment Counsel’s investment portfolio, making the stock its 3rd biggest holding. Carnegie Investment Counsel’s holdings in NVIDIA were worth $90,388,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of NVDA. Retirement Planning Group LLC boosted its holdings in NVIDIA by 10.3% in the third quarter. Retirement Planning Group LLC now owns 12,272 shares of the computer hardware maker’s stock valued at $1,490,000 after acquiring an additional 1,141 shares during the last quarter. Annex Advisory Services LLC lifted its position in shares of NVIDIA by 16.8% in the 3rd quarter. Annex Advisory Services LLC now owns 394,545 shares of the computer hardware maker’s stock worth $47,914,000 after purchasing an additional 56,840 shares during the period. Westend Capital Management LLC boosted its stake in shares of NVIDIA by 1.0% in the 3rd quarter. Westend Capital Management LLC now owns 339,447 shares of the computer hardware maker’s stock valued at $41,222,000 after purchasing an additional 3,265 shares during the last quarter. Kings Path Partners LLC acquired a new stake in shares of NVIDIA during the third quarter worth $243,000. Finally, Matrix Asset Advisors Inc. NY raised its stake in NVIDIA by 1.2% during the third quarter. Matrix Asset Advisors Inc. NY now owns 8,807 shares of the computer hardware maker’s stock worth $1,070,000 after buying an additional 107 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction dated 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. This represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction dated 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 of the company’s stock, valued at $57,370,572.59. This 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 worth $254,784,327. 4.23% of the stock is owned by company insiders.

NVIDIA Stock Performance

NASDAQ NVDA opened at $146.76 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The company has a market capitalization of $3.60 trillion, a PE ratio of 68.84, a price-to-earnings-growth ratio of 1.56 and a beta of 1.66. NVIDIA Co. has a 52-week low of $45.01 and a 52-week high of $149.77. The company has a 50-day simple moving average of $129.39 and a 200 day simple moving average of $119.51.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same quarter last year, the business posted $0.25 EPS. NVIDIA’s quarterly revenue was up 122.4% compared to the same quarter last year. On average, research analysts predict that NVIDIA Co. will post 2.66 EPS for the current 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 reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were given a dividend of $0.01 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is presently 1.88%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. DA Davidson reaffirmed a “neutral” rating and set a $90.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Rosenblatt Securities reaffirmed a “buy” rating and set a $200.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. TD Cowen raised NVIDIA to a “strong-buy” rating in a research note on Monday, September 16th. Evercore ISI raised their price objective on shares of NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Finally, Truist Financial boosted their target price on shares of NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.40.

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.