Terra Nova Asset Management LLC Sells 10,592 Shares of NVIDIA Co. (NASDAQ:NVDA)

Terra Nova Asset Management LLC cut its position in NVIDIA Co. (NASDAQ:NVDA) by 24.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 31,922 shares of the computer hardware maker’s stock after selling 10,592 shares during the quarter. NVIDIA comprises 2.9% of Terra Nova Asset Management LLC’s portfolio, making the stock its 6th biggest holding. Terra Nova Asset Management LLC’s holdings in NVIDIA were worth $3,877,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NVDA. China Universal Asset Management Co. Ltd. increased its stake in shares of NVIDIA by 52.2% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock valued at $34,597,000 after purchasing an additional 13,135 shares during the last quarter. DiNuzzo Private Wealth Inc. grew its position in NVIDIA by 35.2% in the first quarter. DiNuzzo Private Wealth Inc. now owns 165 shares of the computer hardware maker’s stock valued at $149,000 after acquiring an additional 43 shares during the last quarter. Advisory Alpha LLC raised its stake in NVIDIA by 21.1% during the first quarter. Advisory Alpha LLC now owns 8,710 shares of the computer hardware maker’s stock worth $7,871,000 after acquiring an additional 1,520 shares in the last quarter. Mittelman Wealth Management bought a new position in shares of NVIDIA in the first quarter worth about $492,000. Finally, Manchester Capital Management LLC boosted its stake in shares of NVIDIA by 19.0% in the 1st quarter. Manchester Capital Management LLC now owns 10,094 shares of the computer hardware maker’s stock valued at $9,120,000 after purchasing an additional 1,610 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.

Insider Activity

In related news, CFO Colette Kress sold 66,670 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.59, for a total value of $7,773,055.30. Following the transaction, the chief financial officer now directly owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. The trade was a 1.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock valued at $254,784,327 over the last three months. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Stock Performance

Shares of NVDA opened at $147.01 on Wednesday. NVIDIA Co. has a 52 week low of $45.01 and a 52 week high of $149.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The stock has a 50 day moving average price of $132.42 and a two-hundred day moving average price of $121.37. The firm has a market capitalization of $3.61 trillion, a P/E ratio of 69.02, a P/E/G ratio of 1.49 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter in the prior year, the company posted $0.25 earnings per share. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. Equities analysts forecast that NVIDIA Co. will post 2.67 earnings per share for the current fiscal year.

NVIDIA announced that its board has approved a share repurchase program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.88%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NVDA shares. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price target on shares of NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Piper Sandler raised their price objective on NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, November 11th. William Blair began coverage on NVIDIA in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, Raymond James raised their price objective on shares of NVIDIA from $140.00 to $170.00 and gave the company a “strong-buy” rating in a report on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.63.

About NVIDIA

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The 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; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.