Hartford Investment Management Co. Sells 27,508 Shares of NVIDIA Co. (NASDAQ:NVDA)
Hartford Investment Management Co. has reduced its stake in NVIDIA Co. (NASDAQ:NVDA) by 1.7% during the third quarter, according to the latest filing with the SEC. After selling 27,508 shares, the institutional investor now holds 1,548,141 shares of the computer hardware manufacturer. This adjustment makes NVIDIA approximately 6.2% of Hartford Investment Management Co.’s overall portfolio, marking it as the firm’s third largest holding. As of the latest reporting period, their investment in NVIDIA was valued at about $188 million.
Additionally, several other institutional investors and hedge funds have recently modified their positions in NVIDIA. In the first quarter, Hamilton Wealth LLC increased its stake by 0.3%, owning now 3,142 shares valued at $2.8 million after adding 9 shares. FSA Wealth Management LLC also grew its stake by 3.0%, now holding 486 shares valued at $439,000 after acquiring 14 more shares. Clean Yield Group raised its position by 0.8%, resulting in 1,795 shares worth $1.6 million after adding 15 shares. Earnest Partners LLC increased its stake by 1.5%, owning 1,133 shares worth $1 million after buying 17 additional shares. Lastly, Aspect Partners LLC boosted its holdings by 5.6%, now having 320 shares valued at approximately $289,000. Currently, about 65.27% of NVIDIA’s stock is held by various hedge funds and institutional investors.
In related news, director John Dabiri sold 716 shares of NVIDIA stock on November 25 for an average price of $142.00, resulting in a transaction value of $101,672. Following this sale, he retains 19,942 shares valued at approximately $2.8 million, which is a 3.47% decrease in his ownership. Another notable sale involved director Tench Coxe, who sold 1,000,000 shares on September 19 for a total of $119.27 million. After this transaction, Coxe holds 5,852,480 shares, which are valued at around $698 million, marking a 14.59% decrease in his holdings. Over the past quarter, insiders sold a total of 2,036,986 shares worth approximately $240.6 million, with insiders owning 4.23% of the company’s stock.
Recent assessments from analysts indicate varying perspectives on NVIDIA’s stock. Wells Fargo & Company raised their target price from $165.00 to $185.00, rating the stock as “overweight.” Similarly, Evercore ISI increased their price target from $189.00 to $190.00 while maintaining an “outperform” rating. The Goldman Sachs Group also raised their target from $150.00 to $165.00 and rated the stock as a “buy.” Piper Sandler updated their price objective to $175.00, keeping an “overweight” rating, and Bank of America reiterated a “buy” rating with a target price of $190.00. Overall, while four analysts recommend holding the stock, 39 analysts suggest buying it, with a consensus rating of “Moderate Buy” and a price target of $164.15.
NVIDIA’s stock opened at $138.25, with a 50-day moving average of $136.05 and a 200-day moving average at $124.11. The company’s market capitalization stands at $3.39 trillion, with a price-to-earnings (P/E) ratio of 54.43, and a price-to-earnings-growth (PEG) ratio of 2.50 and a beta of 1.66. Over the past year, NVIDIA has seen a low of $45.01 and a high of $152.89. Key financial ratios include a current ratio of 4.10, a quick ratio of 3.64, and a debt-to-equity ratio of 0.13.
NVIDIA reported quarterly earnings results on November 20, announcing earnings per share (EPS) of $0.81, beating the expected EPS of $0.69 by $0.12. The company’s revenue was reported at $35.08 billion, surpassing analysts’ forecasts of $33.15 billion. NVIDIA achieved a net margin of 55.69% and a return on equity of 114.83%, with a year-over-year revenue increase of 93.6%. In the same period last year, NVIDIA reported an EPS of $0.38. Analysts predict that NVIDIA will post 2.76 EPS for the current year.
In another announcement, NVIDIA’s Board of Directors sanctioned a stock repurchase plan enabling the buyback of $50 billion in outstanding shares, signaling their confidence in the company’s undervaluation. The company also declared a quarterly dividend, which will be distributed on December 27, with a value of $0.01 per share. Shareholders on record by December 5 will receive this distribution, representing an annualized dividend of $0.04, equating to a yield of 0.03%. Presently, NVIDIA’s payout ratio stands at 1.57%.
NVIDIA Corporation specializes in providing graphics and computing and networking solutions on a global scale. Their offerings include GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and supporting infrastructure, enterprise workstation graphics via Quadro/NVIDIA RTX GPUs, and various solutions for cloud-based computing. The company also develops automotive platforms for infotainment systems and Omniverse software designed for metaverse and 3D applications.
