Plimoth Trust Co. LLC Reduces Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Oct 13th, 2023

Plimoth Trust Co. LLC reduced its holdings in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 26.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,483 shares of the computer hardware maker’s stock after selling 4,422 shares during the quarter. NVIDIA comprises 1.6% of Plimoth Trust Co. LLC’s investment portfolio, making the stock its 16th biggest position. Plimoth Trust Co. LLC’s holdings in NVIDIA were worth $5,281,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of NVDA. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in NVIDIA by 84,165.9% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,389,779,605 shares of the computer hardware maker’s stock worth $587,904,569,000 after purchasing an additional 1,388,130,327 shares in the last quarter. Norges Bank purchased a new stake in NVIDIA in the 4th quarter worth 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 worth $2,862,392,000 after purchasing an additional 19,574,443 shares in the last quarter. GQG Partners LLC purchased a new stake in NVIDIA in the 1st quarter worth approximately $2,290,856,000. Finally, Morgan Stanley lifted its stake in NVIDIA by 20.2% in 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 in the last quarter. 64.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NVIDIA

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

Wall Street Analysts Forecast Growth

NVDA has been the topic of several recent analyst reports. Oppenheimer increased their target price on shares of NVIDIA from $500.00 to $650.00 and gave the stock an “outperform” rating in a research note on Thursday, August 24th. Daiwa Capital Markets raised NVIDIA from a “neutral” rating to an “outperform” rating and raised their price target for the company from $408.00 to $475.00 in a report on Thursday, June 29th. Stifel Nicolaus raised NVIDIA from a “hold” rating to a “buy” rating and raised their price target for the company from $440.00 to $600.00 in a report on Thursday, August 24th. KeyCorp raised their price target on NVIDIA from $670.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, October 3rd. Finally, Raymond James raised their price objective on shares of NVIDIA from $500.00 to $600.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $561.45.

Get Our Latest Stock Report on NVDA

NVIDIA Stock Up 0.3 %

Shares of NVIDIA stock opened at $469.45 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.79 and a quick ratio of 2.37. The company has a 50-day moving average of $449.63 and a 200 day moving average of $390.51. The firm has a market cap of $1.16 trillion, a price-to-earnings ratio of 113.39, a PEG ratio of 3.52 and a beta of 1.76. 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 posted its quarterly earnings data on Wednesday, August 23rd. The computer hardware maker reported $2.70 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.62. NVIDIA had a return on equity of 45.50% and a net margin of 31.59%. The company had revenue of $13.51 billion during the quarter, compared to analyst estimates of $11.19 billion. During the same quarter last year, the company earned $0.32 EPS. The firm’s revenue for the quarter was up 101.5% on a year-over-year basis. As a group, sell-side analysts anticipate that NVIDIA Co. will post 9.54 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Thursday, September 7th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.16 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio is currently 3.86%.

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.