Penobscot Investment Management Company Inc. Sells 14,250 Shares of NVIDIA Corporation (NASDAQ:NVDA)

Penobscot Investment Management Company Inc. decreased its position in shares of NVIDIA Corporation (NASDAQ:NVDA) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 426,963 shares of the computer hardware maker’s stock after selling 14,250 shares during the period. NVIDIA comprises 4.4% of Penobscot Investment Management Company Inc.’s holdings, making the stock its 3rd largest holding. Penobscot Investment Management Company Inc.’s holdings in NVIDIA were worth $46,274,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Tacita Capital Inc bought a new stake in NVIDIA in the fourth quarter worth about $28,000. Vision Financial Markets LLC purchased a new position in NVIDIA in the 4th quarter worth approximately $38,000. Copia Wealth Management bought a new stake in shares of NVIDIA in the 4th quarter worth approximately $50,000. Bruce G. Allen Investments LLC grew its position in shares of NVIDIA by 198.2% in the 1st quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker’s stock worth $53,000 after buying an additional 327 shares during the period. Finally, LSV Asset Management purchased a new stake in shares of NVIDIA in the 4th quarter worth about $54,000. Institutional investors own 65.27% of the company’s stock.

NVIDIA Trading Up 1.0%

Shares of NVDA opened at $173.00 on Friday. NVIDIA Corporation has a 12-month low of $86.62 and a 12-month high of $174.16. The company has a quick ratio of 2.96, a current ratio of 3.39 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $4.22 trillion, a price-to-earnings ratio of 55.81, a P/E/G ratio of 1.51 and a beta of 2.13. The stock’s 50-day moving average price is $145.88 and its 200 day moving average price is $129.63.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.06). The business had revenue of $44.06 billion for the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The firm’s revenue was up 69.2% on a year-over-year basis. During the same quarter last year, the company earned $0.61 earnings per share. As a group, research analysts predict that NVIDIA Corporation will post 2.77 earnings per share for the current year.

NVIDIA Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. The ex-dividend date of this dividend was Wednesday, June 11th. NVIDIA’s payout ratio is 1.29%.

Insiders Place Their Bets

In related news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the completion of the transaction, the director owned 26,671,360 shares in the company, valued at approximately $3,808,670,208. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark A. Stevens sold 935,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $140.92, for a total value of $131,760,200.00. Following the sale, the director owned 9,214,697 shares of the company’s stock, valued at approximately $1,298,535,101.24. This represents a 9.21% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,814,800 shares of company stock worth $709,172,753. Company insiders own 4.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NVDA shares. Hsbc Global Res downgraded shares of NVIDIA from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 3rd. Wedbush reaffirmed an “outperform” rating 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. TD Cowen boosted their target price on shares of NVIDIA from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Finally, Barclays boosted their price target on NVIDIA from $170.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, NVIDIA presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.22.

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.