Pitti Group Wealth Management LLC Reduces Holdings in NVIDIA Corporation (NASDAQ:NVDA)

Pitti Group Wealth Management LLC trimmed its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA) by 1.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,792 shares of the computer hardware maker’s stock after selling 258 shares during the quarter. NVIDIA makes up about 1.8% of Pitti Group Wealth Management LLC’s investment portfolio, making the stock its 15th largest holding. Pitti Group Wealth Management LLC’s holdings in NVIDIA were worth $1,712,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Hickory Point Bank & Trust bought a new stake in NVIDIA during the fourth quarter valued at approximately $2,272,000. BTC Capital Management Inc. grew its position in NVIDIA by 2.3% during the first quarter. BTC Capital Management Inc. now owns 330,176 shares of the computer hardware maker’s stock valued at $35,785,000 after buying an additional 7,476 shares during the period. Capital Performance Advisors LLP grew its position in NVIDIA by 59.3% during the fourth quarter. Capital Performance Advisors LLP now owns 26,700 shares of the computer hardware maker’s stock valued at $3,586,000 after buying an additional 9,944 shares during the period. Waddell & Associates LLC grew its position in NVIDIA by 1.2% during the fourth quarter. Waddell & Associates LLC now owns 24,124 shares of the computer hardware maker’s stock valued at $3,240,000 after buying an additional 297 shares during the period. Finally, Strategy Asset Managers LLC grew its position in NVIDIA by 0.8% during the fourth quarter. Strategy Asset Managers LLC now owns 52,307 shares of the computer hardware maker’s stock valued at $7,024,000 after buying an additional 405 shares during the period. 65.27% of the stock is currently owned by institutional investors.

NVIDIA Price Performance

NVIDIA stock opened at $145.48 on Thursday. The company has a market cap of $3.55 trillion, a price-to-earnings ratio of 46.93, a PEG ratio of 1.27 and a beta of 2.12. The firm’s fifty day moving average is $124.96 and its 200 day moving average is $126.62. The company has a quick ratio of 2.96, a current ratio of 3.39 and a debt-to-equity ratio of 0.10. NVIDIA Corporation has a 52-week low of $86.62 and a 52-week high of $153.13.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.06). NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The firm had revenue of $44.06 billion during the quarter, compared to analysts’ expectations of $43.09 billion. During the same period in the prior year, the company posted $0.61 EPS. The company’s revenue was up 69.2% compared to the same quarter last year. Sell-side analysts forecast that NVIDIA Corporation will post 2.77 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Wednesday, June 11th. NVIDIA’s dividend payout ratio is currently 1.29%.

Wall Street Analyst Weigh In

NVDA has been the subject of several recent research reports. Citigroup restated a “buy” rating and set a $180.00 target price (up from $150.00) on shares of NVIDIA in a research report on Thursday, May 29th. Rosenblatt Securities upped their price target on shares of NVIDIA from $178.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, May 29th. Truist Financial upped their price target on shares of NVIDIA from $205.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, May 29th. Oppenheimer reiterated an “outperform” rating and issued a $175.00 price target on shares of NVIDIA in a research report on Monday. Finally, Mizuho upped their price target on shares of NVIDIA from $168.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-five have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, NVIDIA has an average rating of “Moderate Buy” and an average price target of $173.05.

Insider Activity

In other news, CFO Colette Kress sold 66,660 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $116.83, for a total value of $7,787,887.80. Following the sale, the chief financial officer now owns 3,085,765 shares of the company’s stock, valued at approximately $360,509,924.95. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $116.80, for a total transaction of $525,600.00. Following the completion of the sale, the insider now directly owns 479,428 shares in the company, valued at approximately $55,997,190.40. This represents a 0.93% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,540,845 shares of company stock valued at $357,983,449. 4.17% of the stock is currently owned by company insiders.

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.