State of New Jersey Common Pension Fund D Sells 12,739 Shares of NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jul 17th, 2023

State of New Jersey Common Pension Fund D lowered its position in NVIDIA Co. (NASDAQ:NVDA – Free Report) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,449,055 shares of the computer hardware maker’s stock after selling 12,739 shares during the period. NVIDIA makes up about 1.4% of State of New Jersey Common Pension Fund D’s investment portfolio, making the stock its 5th biggest position. State of New Jersey Common Pension Fund D owned approximately 0.06% of NVIDIA worth $402,504,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in NVIDIA in the 4th quarter valued at approximately $3,900,874,000. Moneta Group Investment Advisors LLC lifted its stake in NVIDIA by 160,446.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 19,586,643 shares of the computer hardware maker’s stock valued at $2,862,392,000 after buying an additional 19,574,443 shares in the last quarter. Jennison Associates LLC lifted its stake in NVIDIA by 34.8% in the 4th quarter. Jennison Associates LLC now owns 23,299,291 shares of the computer hardware maker’s stock valued at $3,404,958,000 after buying an additional 6,013,647 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake 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 worth $8,323,694,000 after purchasing an additional 5,043,685 shares during the period. Finally, Morgan Stanley lifted its stake in shares of NVIDIA by 20.2% during the 4th quarter. Morgan Stanley now owns 27,533,756 shares of the computer hardware maker’s stock worth $4,023,783,000 after purchasing an additional 4,621,002 shares during the period. Institutional investors and hedge funds own 64.00% of the company’s stock.

Insider Activity

In other news, Director Tench Coxe sold 100,000 shares of NVIDIA stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $379.00, for a total transaction of $37,900,000.00. Following the sale, the director now owns 3,397,136 shares of the company’s stock, valued at $1,287,514,544. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Tench Coxe sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $379.00, for a total transaction of $37,900,000.00. Following the transaction, the director now owns 3,397,136 shares in the company, valued at $1,287,514,544. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harvey C. Jones sold 119,795 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $403.17, for a total transaction of $48,297,750.15. Following the transaction, the director now owns 676,396 shares in the company, valued at approximately $272,702,575.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 368,271 shares of company stock valued at $147,115,953. Insiders own 3.99% of the company’s stock.

NVIDIA Stock Performance

Shares of NASDAQ NVDA opened at $454.69 on Monday. The firm’s 50-day moving average price is $382.95 and its two-hundred day moving average price is $283.29. The stock has a market capitalization of $1.12 trillion, a P/E ratio of 236.82, a P/E/G ratio of 3.07 and a beta of 1.74. 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.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its quarterly earnings results 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 company had revenue of $7.19 billion for the quarter, compared to analysts’ expectations of $6.52 billion. NVIDIA had a return on equity of 23.63% and a net margin of 18.52%. The business’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 earnings per share. As a group, sell-side analysts forecast that NVIDIA Co. will post 6.43 earnings per share for the current year.

NVIDIA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 8th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend 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 (DPR) is presently 8.33%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NVDA. Credit Suisse Group set a $275.00 price objective on NVIDIA in a report on Wednesday, March 22nd. KeyCorp increased their price target on NVIDIA from $500.00 to $550.00 and gave the company an “overweight” rating in a report on Tuesday, July 11th. Morgan Stanley increased their price target on NVIDIA from $450.00 to $500.00 and gave the company an “overweight” rating in a report on Friday, June 16th. Craig Hallum upgraded NVIDIA from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Thursday, May 25th. Finally, Wedbush upgraded NVIDIA from a “neutral” rating to an “outperform” rating and increased their price target for the company from $290.00 to $490.00 in a report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus price target of $407.43.

NVIDIA Company Profile

(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.