Peddock Capital Advisors LLC Reduces Position in NVIDIA Co. (NASDAQ:NVDA)

Peddock Capital Advisors LLC reduced its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 434,121 shares of the computer hardware maker’s stock after selling 4,925 shares during the quarter. NVIDIA makes up about 12.7% of Peddock Capital Advisors LLC’s portfolio, making the stock its biggest holding. Peddock Capital Advisors LLC’s holdings in NVIDIA were worth $52,720,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in NVIDIA by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after buying an additional 8,828,050 shares during the period. Legal & General Group Plc boosted its holdings in NVIDIA by 884.0% in the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after purchasing an additional 191,469,114 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of NVIDIA by 854.1% during the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after purchasing an additional 163,482,580 shares during the period. Ameriprise Financial Inc. grew its position in NVIDIA by 870.3% during the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after buying an additional 91,867,031 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of NVIDIA by 1,123.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after acquiring an additional 84,515,429 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

NVIDIA Stock Down 0.8 %

Shares of NASDAQ:NVDA opened at $147.63 on Monday. The firm has a market cap of $3.62 trillion, a P/E ratio of 69.31, a PEG 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 business’s 50 day simple moving average is $127.27 and its two-hundred day simple moving average is $118.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter in the previous year, the business earned $0.25 EPS. The company’s quarterly revenue was up 122.4% on a year-over-year basis. As a group, research analysts forecast that NVIDIA Co. will post 2.66 EPS for the current fiscal year.

NVIDIA declared that its board has authorized a share repurchase 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 generally a sign that the company’s management believes its shares are undervalued.

NVIDIA Cuts Dividend

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

Insider Buying and Selling

In other news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was 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 of the company’s stock, valued at $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other NVIDIA 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 value of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $110.76, for a total value of $13,291,200.00. Following the transaction, the chief executive officer now directly owns 76,375,705 shares of the company’s stock, valued at approximately $8,459,373,085.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,156,270 shares of company stock worth $254,784,327. 4.23% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NVDA shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $100.00 price objective on shares of NVIDIA in a research note on Monday, August 5th. DA Davidson reissued a “neutral” rating and set a $90.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. New Street Research raised shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a research note on Tuesday, August 6th. Truist Financial increased their price target on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. Finally, Raymond James boosted their price objective on NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and an average target price of $143.07.

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.