Wesbanco Bank Inc. Cuts Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Sep 25th, 2023

Wesbanco Bank Inc. cut its stake in NVIDIA Co. (NASDAQ:NVDA – Free Report) by 47.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,507 shares of the computer hardware maker’s stock after selling 6,870 shares during the period. Wesbanco Bank Inc.’s holdings in NVIDIA were worth $3,175,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NVDA. HB Wealth Management LLC raised its holdings in NVIDIA by 2.3% in the second quarter. HB Wealth Management LLC now owns 33,331 shares of the computer hardware maker’s stock valued at $14,100,000 after acquiring an additional 741 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its holdings in shares of NVIDIA by 3.9% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 11,991 shares of the computer hardware maker’s stock valued at $5,072,000 after purchasing an additional 450 shares in the last quarter. Green Square Capital Advisors LLC lifted its position in shares of NVIDIA by 8.4% during the 2nd quarter. Green Square Capital Advisors LLC now owns 7,963 shares of the computer hardware maker’s stock worth $3,369,000 after purchasing an additional 619 shares during the last quarter. Perfromance Wealth Partners LLC grew its stake in shares of NVIDIA by 416.0% during the second quarter. Perfromance Wealth Partners LLC now owns 5,119 shares of the computer hardware maker’s stock worth $2,166,000 after purchasing an additional 4,127 shares in the last quarter. Finally, IVC Wealth Advisors LLC increased its holdings in NVIDIA by 0.7% in the second quarter. IVC Wealth Advisors LLC now owns 3,629 shares of the computer hardware maker’s stock valued at $1,535,000 after buying an additional 27 shares during the last quarter. 64.79% of the stock is owned by institutional investors and hedge funds.

NVIDIA Stock Performance

Shares of NVDA stock opened at $416.10 on Monday. The stock has a fifty day moving average price of $453.73 and a 200 day moving average price of $372.60. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.37 and a current ratio of 2.79. The stock has a market cap of $1.03 trillion, a PE ratio of 100.51, a P/E/G ratio of 3.26 and a beta of 1.74. NVIDIA Co. has a 1 year low of $108.13 and a 1 year high of $502.66.

NVIDIA (NASDAQ:NVDA – Get Free Report) last issued its quarterly earnings data on Wednesday, August 23rd. The computer hardware maker reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.62. The firm had revenue of $13.51 billion during the quarter, compared to the consensus estimate of $11.19 billion. NVIDIA had a return on equity of 45.50% and a net margin of 31.59%. The company’s quarterly revenue was up 101.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 EPS. Sell-side analysts forecast that NVIDIA Co. will post 9.46 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, September 7th will be issued a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 6th. 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 3.86%.

Wall Street Analysts Forecast Growth

NVDA has been the subject of a number of recent analyst reports. Rosenblatt Securities reaffirmed a “buy” rating on shares of NVIDIA in a report on Wednesday, September 20th. KeyCorp increased their price target on shares of NVIDIA from $550.00 to $620.00 and gave the company an “overweight” rating in a research note on Monday, August 21st. Morgan Stanley upped their target price on shares of NVIDIA from $500.00 to $630.00 and gave the company an “overweight” rating in a report on Thursday, August 24th. StockNews.com started coverage on shares of NVIDIA in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Benchmark boosted their price target on shares of NVIDIA from $475.00 to $625.00 and gave the company a “buy” rating in a research report on Thursday, August 24th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirty-six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $555.70.

Check Out Our Latest Research Report on NVIDIA

Insider Activity

In related news, Director Mark A. Stevens sold 21,500 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $468.08, for a total transaction of $10,063,720.00. Following the sale, the director now owns 1,030,786 shares in the company, valued at $482,490,310.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Jen Hsun Huang sold 29,688 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $471.55, for a total transaction of $13,999,376.40. Following the transaction, the chief executive officer now directly owns 7,800,125 shares in the company, valued at approximately $3,678,148,943.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mark A. Stevens sold 21,500 shares of NVIDIA stock in a transaction on Monday, August 28th. The shares were sold at an average price of $468.08, for a total transaction of $10,063,720.00. Following the completion of the transaction, the director now owns 1,030,786 shares in the company, valued at approximately $482,490,310.88. The disclosure for this sale can be found here. Insiders sold a total of 145,232 shares of company stock valued at $67,606,089 over the last 90 days. Insiders own 3.99% of the company’s stock.

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.