Patriot Investment Management Group Inc. Cuts Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jul 4th, 2023

Patriot Investment Management Group Inc. decreased its position in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 8.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,702 shares of the computer hardware maker’s stock after selling 900 shares during the quarter. Patriot Investment Management Group Inc.’s holdings in NVIDIA were worth $2,695,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in NVDA. Lake Hills Wealth Management LLC purchased a new stake in NVIDIA in the first quarter worth approximately $281,000. Proficio Capital Partners LLC boosted its holdings in NVIDIA by 178,831.3% in the first quarter. Proficio Capital Partners LLC now owns 12,179,851 shares of the computer hardware maker’s stock worth $12,235,000 after purchasing an additional 12,173,044 shares during the last quarter. Boston Trust Walden Corp purchased a new stake in NVIDIA in the first quarter worth approximately $290,000. Wendell David Associates Inc. purchased a new stake in NVIDIA in the first quarter worth approximately $233,000. Finally, Altus Wealth Management LLC purchased a new stake in NVIDIA in the first quarter worth approximately $321,000. Hedge funds and other institutional investors own 64.00% of the company’s stock.

Insider Buying and Selling

In related news, Director John Dabiri sold 283 shares of NVIDIA stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $424.53, for a total transaction of $120,141.99. Following the completion of the transaction, the director now directly owns 2,401 shares of the company’s stock, valued at approximately $1,019,296.53. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director John Dabiri sold 283 shares of NVIDIA stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $424.53, for a total transaction of $120,141.99. Following the completion of the transaction, the director now directly owns 2,401 shares of the company’s stock, valued at approximately $1,019,296.53. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mark A. Stevens sold 40,000 shares of NVIDIA 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 transaction, the director now directly owns 1,052,286 shares of the company’s stock, valued at $454,650,689.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 368,271 shares of company stock valued at $147,115,953. Company insiders own 3.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NVDA shares. Needham & Company LLC increased their price target on shares of NVIDIA from $300.00 to $460.00 in a research report on Thursday, May 25th. UBS Group increased their price target on shares of NVIDIA from $315.00 to $475.00 in a research report on Thursday, May 25th. Citigroup increased their price target on shares of NVIDIA from $363.00 to $420.00 in a research report on Thursday, May 25th. Wedbush upgraded shares of NVIDIA from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $290.00 to $490.00 in a research report on Thursday, May 25th. Finally, Mizuho increased their price target on shares of NVIDIA from $290.00 to $400.00 in a research report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $392.70.

NVIDIA Stock Performance

Shares of NASDAQ:NVDA opened at $424.13 on Tuesday. NVIDIA Co. has a 52 week low of $108.13 and a 52 week high of $439.90. The stock has a market capitalization of $1.05 trillion, a P/E ratio of 220.90, a PEG ratio of 2.91 and a beta of 1.74. The firm has a fifty day simple moving average of $354.97 and a two-hundred day simple moving average of $265.68. The company has a quick ratio of 2.79, a current ratio of 3.43 and a debt-to-equity ratio of 0.40.

NVIDIA (NASDAQ:NVDA – Free Report) last issued its quarterly earnings data on Wednesday, May 24th. The computer hardware maker reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.17. NVIDIA had a net margin of 18.52% and a return on equity of 23.63%. The business had revenue of $7.19 billion during the quarter, compared to analysts’ expectations of $6.52 billion. During the same period last year, the company posted $1.18 EPS. The business’s revenue was down 13.2% on a year-over-year basis. On average, analysts expect that NVIDIA Co. will post 6.31 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 8th were paid a dividend of $0.04 per share. The ex-dividend date was Wednesday, June 7th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.04%. NVIDIA’s dividend payout ratio is presently 8.33%.

About NVIDIA

(Free Report)

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.