First National Bank of Mount Dora Trust Investment Services Cuts Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jun 24th, 2023

First National Bank of Mount Dora Trust Investment Services lessened its position in NVIDIA Co. (NASDAQ:NVDA – Get Rating) by 13.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,889 shares of the computer hardware maker’s stock after selling 5,423 shares during the quarter. NVIDIA makes up about 3.0% of First National Bank of Mount Dora Trust Investment Services’ investment portfolio, making the stock its 4th largest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in NVIDIA were worth $9,969,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Contravisory Investment Management Inc. bought a new stake in NVIDIA during the 1st quarter valued at about $28,000. Worth Asset Management LLC grew its holdings in shares of NVIDIA by 23.5% during the first quarter. Worth Asset Management LLC now owns 882 shares of the computer hardware maker’s stock valued at $245,000 after buying an additional 168 shares during the last quarter. Flagship Harbor Advisors LLC increased its position in shares of NVIDIA by 1.7% during the first quarter. Flagship Harbor Advisors LLC now owns 40,266 shares of the computer hardware maker’s stock valued at $11,185,000 after acquiring an additional 673 shares in the last quarter. Armstrong Henry H Associates Inc. lifted its position in NVIDIA by 6.3% in the 1st quarter. Armstrong Henry H Associates Inc. now owns 1,625 shares of the computer hardware maker’s stock valued at $451,000 after acquiring an additional 97 shares in the last quarter. Finally, Private Trust Co. NA boosted its stake in NVIDIA by 26.6% during the 1st quarter. Private Trust Co. NA now owns 14,501 shares of the computer hardware maker’s stock valued at $4,028,000 after purchasing an additional 3,049 shares during the last quarter. 64.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Mark A. Stevens sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $432.06, for a total value of $17,282,400.00. Following the completion of the sale, the director now directly owns 1,052,286 shares of the company’s stock, valued at approximately $454,650,689.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Dawn E. Hudson sold 5,000 shares of the company’s stock in a transaction dated Thursday, March 30th. The shares were sold at an average price of $274.55, for a total transaction of $1,372,750.00. Following the transaction, the director now directly owns 85,350 shares in the company, valued at approximately $23,432,842.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark A. Stevens sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $432.06, for a total transaction of $17,282,400.00. Following the completion of the sale, the director now directly owns 1,052,286 shares of the company’s stock, valued at approximately $454,650,689.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 372,988 shares of company stock worth $148,368,561. Corporate insiders own 3.99% of the company’s stock.

NVIDIA Price Performance

Shares of NVIDIA stock opened at $422.09 on Friday. The firm has a market cap of $1.04 trillion, a PE ratio of 219.84, a PEG ratio of 2.95 and a beta of 1.75. The stock has a 50 day moving average of $337.91 and a 200 day moving average of $254.17. The company has a current ratio of 3.43, a quick ratio of 2.79 and a debt-to-equity ratio of 0.40. NVIDIA Co. has a 12 month low of $108.13 and a 12 month high of $439.90.

NVIDIA (NASDAQ:NVDA – Get Rating) last posted its earnings results on Wednesday, May 24th. The computer hardware maker reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.17. The firm had revenue of $7.19 billion during the quarter, compared to the consensus estimate of $6.52 billion. NVIDIA had a return on equity of 23.63% and a net margin of 18.52%. The company’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 EPS. On average, research analysts expect that NVIDIA Co. will post 6.29 EPS for the current fiscal year.

NVIDIA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 8th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend is Wednesday, June 7th. NVIDIA’s dividend payout ratio is 8.33%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NVDA. Barclays upped their price target on NVIDIA from $275.00 to $500.00 in a report on Thursday, May 25th. The Goldman Sachs Group lifted their price target on shares of NVIDIA from $275.00 to $440.00 in a research note on Thursday, May 25th. HSBC upgraded shares of NVIDIA from a “reduce” rating to a “buy” rating and raised their target price for the stock from $175.00 to $355.00 in a report on Tuesday, April 18th. Jefferies Financial Group increased their price target on NVIDIA from $472.00 to $500.00 in a report on Tuesday. Finally, KeyCorp lifted their price objective on NVIDIA from $320.00 to $375.00 in a report on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $383.19.

About NVIDIA

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NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's 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; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds.