Country Trust Bank Lowers Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)
Country Trust Bank trimmed its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 29.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 92,750 shares of the computer hardware maker’s stock after selling 38,790 shares during the period. NVIDIA makes up approximately 1.9% of Country Trust Bank’s holdings, making the stock its 12th largest position. Country Trust Bank’s holdings in NVIDIA were worth $50,198,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Hoover Financial Advisors Inc. bought a new stake in shares of NVIDIA during the second quarter valued at approximately $32,000. Avondale Wealth Management bought a new stake in shares of NVIDIA during the third quarter valued at approximately $49,000. Atlantic Trust LLC increased its position in shares of NVIDIA by 46.9% during the second quarter. Atlantic Trust LLC now owns 94 shares of the computer hardware maker’s stock valued at $36,000 after acquiring an additional 30 shares in the last quarter. Ellevest Inc. increased its position in shares of NVIDIA by 256.7% during the second quarter. Ellevest Inc. now owns 107 shares of the computer hardware maker’s stock valued at $41,000 after acquiring an additional 77 shares in the last quarter. Finally, Old North State Trust LLC bought a new stake in shares of NVIDIA during the third quarter valued at approximately $59,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.
Shares of NVDA stock opened at $552.46 on Friday. The stock has a market cap of $340.87 billion, a P/E ratio of 101.56, a PEG ratio of 4.10 and a beta of 1.55. NVIDIA Co. has a 52 week low of $180.68 and a 52 week high of $589.07. The company has a quick ratio of 5.51, a current ratio of 6.09 and a debt-to-equity ratio of 0.50. The company’s fifty day simple moving average is $521.45 and its two-hundred day simple moving average is $401.87.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Wednesday, September 2nd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 0.12%. The ex-dividend date was Tuesday, September 1st. NVIDIA’s payout ratio is currently 13.94%.
A number of equities research analysts have commented on the stock. Craig Hallum lifted their target price on shares of NVIDIA from $480.00 to $500.00 and gave the stock a “hold” rating in a research report on Tuesday, September 15th. Evercore ISI reaffirmed a “buy” rating and issued a $450.00 target price on shares of NVIDIA in a research report on Monday, July 6th. Bank of America reaffirmed a “buy” rating and issued a $650.00 target price on shares of NVIDIA in a research report on Monday, September 14th. Royal Bank of Canada lifted their target price on shares of NVIDIA from $528.00 to $610.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 2nd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $600.00 target price (up previously from $525.00) on shares of NVIDIA in a research report on Friday, October 2nd. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirty-one have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $521.49.
In other NVIDIA news, Director A Brooke Seawell sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $513.77, for a total value of $5,137,700.00. Following the sale, the director now owns 10,712 shares in the company, valued at approximately $5,503,504.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ajay K. Puri sold 12,692 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $405.60, for a total transaction of $5,147,875.20. Following the completion of the sale, the executive vice president now owns 61,983 shares in the company, valued at approximately $25,140,304.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,320 shares of company stock worth $87,129,970. Corporate insiders own 4.47% of the company’s stock.
NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the Graphics Processing Unit (GPU) and Tegra Processor segments. The GPU segment comprises of product brands which aims specialized markets including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.
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