Cove Private Wealth LLC Lowers Position in NVIDIA Co. (NASDAQ:NVDA)

Cove Private Wealth LLC lowered its holdings in NVIDIA Co. (NASDAQ:NVDA) by 3.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 122,135 shares of the computer hardware maker’s stock after selling 4,155 shares during the quarter. NVIDIA comprises approximately 9.9% of Cove Private Wealth LLC’s holdings, making the stock its biggest holding. Cove Private Wealth LLC’s holdings in NVIDIA were worth $16,402,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Zhang Financial LLC grew its holdings in shares of NVIDIA by 59.7% during the 4th quarter. Zhang Financial LLC now owns 117,330 shares of the computer hardware maker’s stock worth $15,756,000 after purchasing an additional 43,877 shares in the last quarter. Guinness Asset Management LTD grew its stake in NVIDIA by 9.9% during the fourth quarter. Guinness Asset Management LTD now owns 353,757 shares of the computer hardware maker’s stock worth $47,520,000 after buying an additional 31,920 shares in the last quarter. Corundum Group Inc. increased its holdings in NVIDIA by 74.0% in the 4th quarter. Corundum Group Inc. now owns 32,163 shares of the computer hardware maker’s stock valued at $4,319,000 after buying an additional 13,682 shares during the period. SFG Wealth Management LLC. raised its position in shares of NVIDIA by 531.2% in the 4th quarter. SFG Wealth Management LLC. now owns 16,001 shares of the computer hardware maker’s stock valued at $2,149,000 after buying an additional 13,466 shares in the last quarter. Finally, DLK Investment Management LLC lifted its holdings in shares of NVIDIA by 6.8% during the 4th quarter. DLK Investment Management LLC now owns 7,515 shares of the computer hardware maker’s stock worth $1,009,000 after acquiring an additional 476 shares during the period. 65.27% of the stock is owned by institutional investors.

NVIDIA Stock Up 2.9 %

NVIDIA stock opened at $133.57 on Tuesday. The company has a market capitalization of $3.27 trillion, a PE ratio of 52.57, a PEG ratio of 1.62 and a beta of 1.62. NVIDIA Co. has a 12-month low of $66.25 and a 12-month high of $153.13. The firm’s fifty day moving average is $135.31 and its 200 day moving average is $129.55. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The company had revenue of $35.08 billion for the quarter, compared to analysts’ expectations of $33.15 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The business’s revenue was up 93.6% on a year-over-year basis. As a group, sell-side analysts predict that NVIDIA Co. will post 2.77 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Thursday, December 5th were issued a dividend of $0.01 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is 1.57%.

Insider Transactions at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $131.26, for a total transaction of $131,260,000.00. Following the completion of the sale, the director now directly owns 28,671,360 shares of the company’s stock, valued at $3,763,402,713.60. The trade was a 3.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $135.40, for a total transaction of $9,027,118.00. Following the completion of the transaction, the chief financial officer now directly owns 3,351,572 shares in the company, valued at approximately $453,802,848.80. The trade was a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,108,348 shares of company stock valued at $146,506,958 over the last ninety days. 4.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NVDA. Susquehanna lifted their price objective on shares of NVIDIA from $160.00 to $180.00 and gave the company a “positive” rating in a research note on Thursday, November 14th. Wells Fargo & Company boosted their price target on NVIDIA from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of NVIDIA in a research note on Monday, January 27th. Tigress Financial upgraded NVIDIA from a “buy” rating to a “strong-buy” rating and lifted their target price for the company from $170.00 to $220.00 in a research report on Tuesday, January 28th. Finally, Barclays increased their target price on shares of NVIDIA from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Four investment analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA has a consensus rating of “Moderate Buy” and a consensus target price of $166.23.

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.