NVIDIA Co. (NASDAQ:NVDA) Stake Lowered by Occidental Asset Management LLC

Occidental Asset Management LLC decreased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 3.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 293,250 shares of the computer hardware maker’s stock after selling 10,052 shares during the quarter. NVIDIA comprises approximately 5.7% of Occidental Asset Management LLC’s investment portfolio, making the stock its largest holding. Occidental Asset Management LLC’s holdings in NVIDIA were worth $35,612,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cliftonlarsonallen Wealth Advisors LLC lifted its position in shares of NVIDIA by 2.7% during the 3rd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 64,360 shares of the computer hardware maker’s stock worth $7,816,000 after buying an additional 1,713 shares during the last quarter. Prairie Sky Financial Group LLC lifted its position in NVIDIA by 4.3% in the third quarter. Prairie Sky Financial Group LLC now owns 7,342 shares of the computer hardware maker’s stock valued at $892,000 after acquiring an additional 302 shares during the last quarter. Cornell Pochily Investment Advisors Inc. boosted its stake in NVIDIA by 0.7% in the third quarter. Cornell Pochily Investment Advisors Inc. now owns 103,526 shares of the computer hardware maker’s stock valued at $12,572,000 after acquiring an additional 753 shares in the last quarter. Creative Planning grew its holdings in shares of NVIDIA by 16.4% during the third quarter. Creative Planning now owns 7,599,372 shares of the computer hardware maker’s stock worth $852,447,000 after purchasing an additional 1,071,712 shares during the last quarter. Finally, Wesbanco Bank Inc. increased its position in shares of NVIDIA by 206.2% during the third quarter. Wesbanco Bank Inc. now owns 229,807 shares of the computer hardware maker’s stock worth $27,908,000 after purchasing an additional 154,766 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at NVIDIA

In other news, Director Mark A. Stevens sold 155,000 shares of NVIDIA 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 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the transaction, the director now directly owns 5,852,480 shares in the company, valued at $698,025,289.60. The trade was a 14.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock valued at $254,784,327 over the last three months. 4.23% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on NVDA. Evercore ISI upped their target price on NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Mizuho increased their price objective on NVIDIA from $140.00 to $165.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. DA Davidson reaffirmed a “neutral” rating and issued a $90.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Craig Hallum increased their price target on shares of NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Wedbush restated an “outperform” rating and issued a $160.00 price objective (up from $138.00) on shares of NVIDIA in a research note on Thursday. 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 stock. Based on data from MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and a consensus price target of $152.40.

NVIDIA Price Performance

NVIDIA stock opened at $141.98 on Monday. The firm has a market capitalization of $3.48 trillion, a PE ratio of 66.60, a P/E/G ratio of 1.49 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 firm’s 50-day simple moving average is $130.97 and its 200 day simple moving average is $120.58. 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 announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter in the prior year, the firm earned $0.25 earnings per share. The company’s revenue for the quarter was up 122.4% compared to the same quarter last year. On average, equities research analysts predict that NVIDIA Co. will post 2.67 EPS for the current fiscal year.

NVIDIA declared that its board has approved a stock buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a dividend of $0.01 per share. 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 Company 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.