Palmer Knight Co Sells 2,809 Shares of NVIDIA Co. (NASDAQ:NVDA)

Palmer Knight Co trimmed its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 9.5% during the third quarter, HoldingsChannel reports. The fund owned 26,791 shares of the computer hardware maker’s stock after selling 2,809 shares during the quarter. Palmer Knight Co’s holdings in NVIDIA were worth $3,253,000 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. Lantz Financial LLC boosted its position in NVIDIA by 833.1% during the second quarter. Lantz Financial LLC now owns 41,188 shares of the computer hardware maker’s stock valued at $5,088,000 after acquiring an additional 36,774 shares during the last quarter. Vigilare Wealth Management lifted its stake in shares of NVIDIA by 924.1% in the 2nd quarter. Vigilare Wealth Management now owns 11,705 shares of the computer hardware maker’s stock valued at $1,446,000 after purchasing an additional 10,562 shares during the period. Bridge Creek Capital Management LLC boosted its position in shares of NVIDIA by 821.9% during the 2nd quarter. Bridge Creek Capital Management LLC now owns 30,680 shares of the computer hardware maker’s stock valued at $3,790,000 after purchasing an additional 27,352 shares in the last quarter. Delta Financial Group Inc. grew its stake in NVIDIA by 954.6% during the second quarter. Delta Financial Group Inc. now owns 40,043 shares of the computer hardware maker’s stock worth $4,947,000 after purchasing an additional 36,246 shares during the period. Finally, PFG Private Wealth Management LLC increased its holdings in NVIDIA by 872.4% in the second quarter. PFG Private Wealth Management LLC now owns 8,421 shares of the computer hardware maker’s stock worth $1,040,000 after purchasing an additional 7,555 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Price Performance

Shares of NVDA opened at $134.70 on Monday. The firm has a fifty day moving average price of $139.63 and a 200 day moving average price of $127.32. 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 1-year low of $47.32 and a 1-year high of $152.89. The stock has a market cap of $3.30 trillion, a PE ratio of 53.01, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, beating 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 company had revenue of $35.08 billion for the quarter, compared to the consensus estimate of $33.15 billion. During the same period last year, the business posted $0.38 EPS. The company’s revenue was up 93.6% on a year-over-year basis. As a group, sell-side analysts anticipate that NVIDIA Co. will post 2.78 EPS for the current year.

NVIDIA Dividend Announcement

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 dividend of $0.01 per share. 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 1.57%.

NVIDIA declared that its Board of Directors has authorized a share repurchase plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NVDA shares. Westpark Capital upped their price objective on shares of NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Redburn Atlantic started coverage on NVIDIA in a research report on Tuesday, November 12th. They issued a “buy” rating and a $178.00 price target for the company. Raymond James lifted their price objective on shares of NVIDIA from $140.00 to $170.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 14th. UBS Group increased their target price on shares of NVIDIA from $150.00 to $185.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, Evercore ISI upped their price objective on shares of NVIDIA from $189.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Four research 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 company. According to MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and a consensus price target of $164.15.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, CFO Colette Kress sold 66,670 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $135.40, for a total transaction of $9,027,118.00. Following the transaction, the chief financial officer now owns 3,351,572 shares of the company’s stock, valued at $453,802,848.80. This represents a 1.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $131.26, for a total value of $131,260,000.00. Following the transaction, the director now owns 28,671,360 shares in the company, valued at $3,763,402,713.60. This trade represents a 3.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,556,986 shares of company stock valued at $201,687,727. Insiders own 4.23% of the company’s stock.

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.