Jennison Associates LLC Trims Position in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jul 16th, 2023

Jennison Associates LLC trimmed its position in NVIDIA Co. (NASDAQ:NVDA – Free Report) by 2.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,635,991 shares of the computer hardware maker’s stock after selling 663,300 shares during the quarter. NVIDIA comprises about 5.8% of Jennison Associates LLC’s investment portfolio, making the stock its 3rd biggest position. Jennison Associates LLC owned about 0.92% of NVIDIA worth $6,287,599,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NVDA. Price T Rowe Associates Inc. MD increased its position in shares of NVIDIA by 9.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 56,956,988 shares of the computer hardware maker’s stock valued at $8,323,694,000 after purchasing an additional 5,043,685 shares during the last quarter. Geode Capital Management LLC increased its position in NVIDIA by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 45,788,952 shares of the computer hardware maker’s stock valued at $6,679,427,000 after acquiring an additional 692,636 shares during the last quarter. Morgan Stanley raised its stake in shares of NVIDIA by 20.2% in the fourth quarter. Morgan Stanley now owns 27,533,756 shares of the computer hardware maker’s stock valued at $4,023,783,000 after acquiring an additional 4,621,002 shares during the period. Norges Bank bought a new stake in shares of NVIDIA in the 4th quarter worth about $3,900,874,000. Finally, Moneta Group Investment Advisors LLC boosted its stake in shares of NVIDIA by 160,446.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 19,586,643 shares of the computer hardware maker’s stock worth $2,862,392,000 after purchasing an additional 19,574,443 shares during the period. 64.00% of the stock is owned by institutional investors.

NVIDIA Stock Down 1.1 %

NVDA stock opened at $454.69 on Friday. 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 Co. has a 52 week low of $108.13 and a 52 week high of $480.88. The stock has a market capitalization of $1.12 trillion, a PE ratio of 236.82, a price-to-earnings-growth ratio of 3.16 and a beta of 1.74. The firm has a 50 day moving average of $382.95 and a 200 day moving average of $282.29.

NVIDIA (NASDAQ:NVDA – Get Free Report) last announced its quarterly earnings data on Wednesday, May 24th. The computer hardware maker reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.17. The firm had revenue of $7.19 billion for the quarter, compared to analyst estimates of $6.52 billion. NVIDIA had a net margin of 18.52% and a return on equity of 23.63%. The business’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.18 earnings per share. Sell-side analysts forecast that NVIDIA Co. will post 6.33 earnings per share for the current year.

NVIDIA Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Westpark Capital started coverage on shares of NVIDIA in a research note on Wednesday, March 22nd. They issued a “hold” rating for the company. Daiwa Capital Markets raised NVIDIA from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $408.00 to $475.00 in a research note on Thursday, June 29th. Bank of America upped their price objective on NVIDIA from $450.00 to $500.00 in a research report on Wednesday, May 31st. Tigress Financial boosted their target price on shares of NVIDIA from $320.00 to $560.00 in a research note on Friday, July 7th. Finally, Evercore ISI raised their price target on shares of NVIDIA from $320.00 to $500.00 in a research note on Thursday, May 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $407.43.

Insider Buying and Selling

In other NVIDIA news, Director John Dabiri sold 283 shares of the firm’s stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. In other NVIDIA news, Director Mark A. Stevens sold 40,000 shares of the 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 sale, the director now directly owns 1,052,286 shares of the company’s stock, valued at approximately $454,650,689.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $120,141.99. Following the transaction, the director now owns 2,401 shares of the company’s stock, valued at approximately $1,019,296.53. The disclosure for this sale can be found here. Insiders sold 368,271 shares of company stock valued at $147,115,953 over the last quarter. 3.99% of the stock is currently owned by company insiders.

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.