Castle Rock Wealth Management LLC Has $11.88 Million Position in NVIDIA Co. (NASDAQ:NVDA)

Castle Rock Wealth Management LLC lowered its stake in NVIDIA Co. (NASDAQ:NVDA) by 10.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,896 shares of the computer hardware maker’s stock after selling 12,125 shares during the quarter. NVIDIA accounts for approximately 3.2% of Castle Rock Wealth Management LLC’s portfolio, making the stock its 4th largest position. Castle Rock Wealth Management LLC’s holdings in NVIDIA were worth $11,878,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Tacita Capital Inc purchased a new position in shares of NVIDIA in the 4th quarter worth about $28,000. Vision Financial Markets LLC purchased a new position in NVIDIA in the 4th quarter worth approximately $38,000. Luken Investment Analytics LLC purchased a new position in NVIDIA in the 4th quarter worth approximately $40,000. Copia Wealth Management purchased a new stake in shares of NVIDIA in the 4th quarter valued at $50,000. Finally, LSV Asset Management bought a new stake in NVIDIA during the 4th quarter valued at $54,000. Institutional investors own 65.27% of the company’s stock.

NVIDIA Trading Down 0.8%

Shares of NVDA stock opened at $142.83 on Thursday. The stock has a 50-day simple moving average of $120.91 and a 200 day simple moving average of $126.34. NVIDIA Co. has a fifty-two week low of $86.62 and a fifty-two week high of $153.13. The stock has a market capitalization of $3.49 trillion, a P/E ratio of 56.21, a P/E/G ratio of 1.76 and a beta of 2.12. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.06). The company had revenue of $44.06 billion during the quarter, compared to analyst estimates of $43.09 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The company’s revenue for the quarter was up 69.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.61 EPS. On average, sell-side analysts expect that NVIDIA Co. will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th will be issued 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 is Wednesday, June 11th. NVIDIA’s dividend payout ratio is 1.29%.

Insider Activity

In related news, Director Mark A. Stevens sold 190,000 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $142.51, for a total transaction of $27,076,900.00. Following the completion of the transaction, the director now owns 8,855,848 shares in the company, valued at $1,262,046,898.48. This trade represents a 2.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Colette Kress sold 66,660 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $116.83, for a total value of $7,787,887.80. Following the transaction, the chief financial officer now owns 3,085,765 shares of the company’s stock, valued at $360,509,924.95. This trade represents a 2.11% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,560,845 shares of company stock valued at $360,351,849. Insiders own 4.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NVDA. Susquehanna restated a “positive” rating and issued a $180.00 price objective on shares of NVIDIA in a report on Wednesday, March 19th. KeyCorp set a $190.00 price objective on shares of NVIDIA in a report on Wednesday, March 19th. Citigroup reissued a “buy” rating and issued a $180.00 target price (up previously from $150.00) on shares of NVIDIA in a report on Thursday, May 29th. UBS Group reiterated a “buy” rating on shares of NVIDIA in a research report on Friday, May 23rd. Finally, Benchmark reaffirmed a “buy” rating and issued a $190.00 price objective on shares of NVIDIA in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-five have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, NVIDIA has a consensus rating of “Moderate Buy” and an average price target of $172.24.

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.