Parsons Capital Management Inc. RI Cuts Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Parsons Capital Management Inc. RI decreased its stake in NVIDIA Co. (NASDAQ:NVDA) by 19.7% during the 1st quarter, Holdings Channel reports. The firm owned 15,992 shares of the computer hardware maker’s stock after selling 3,932 shares during the quarter. NVIDIA makes up approximately 1.0% of Parsons Capital Management Inc. RI’s investment portfolio, making the stock its 23rd largest position. Parsons Capital Management Inc. RI’s holdings in NVIDIA were worth $14,450,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Benchmark Financial Wealth Advisors LLC boosted its holdings in shares of NVIDIA by 1.8% during the 3rd quarter. Benchmark Financial Wealth Advisors LLC now owns 6,623 shares of the computer hardware maker’s stock worth $2,881,000 after purchasing an additional 117 shares during the last quarter. Summit Global Investments grew its holdings in NVIDIA by 22.7% in the 3rd quarter. Summit Global Investments now owns 22,794 shares of the computer hardware maker’s stock valued at $9,915,000 after buying an additional 4,216 shares in the last quarter. Sunflower Bank N.A. increased its stake in shares of NVIDIA by 2.9% in the 3rd quarter. Sunflower Bank N.A. now owns 2,169 shares of the computer hardware maker’s stock worth $943,000 after acquiring an additional 62 shares during the last quarter. Hengehold Capital Management LLC raised its holdings in shares of NVIDIA by 2.3% during the 3rd quarter. Hengehold Capital Management LLC now owns 3,083 shares of the computer hardware maker’s stock worth $1,341,000 after acquiring an additional 68 shares during the period. Finally, Foster Victor Wealth Advisors LLC boosted its position in shares of NVIDIA by 11.1% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 2,162 shares of the computer hardware maker’s stock valued at $989,000 after acquiring an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Up 6.2 %

NVDA stock traded up $51.03 during trading on Friday, hitting $877.35. 54,877,793 shares of the company’s stock were exchanged, compared to its average volume of 43,852,452. The stock has a market capitalization of $2.19 trillion, a price-to-earnings ratio of 73.48, a PEG ratio of 1.26 and a beta of 1.73. NVIDIA Co. has a 52-week low of $266.25 and a 52-week high of $974.00. The company has a current ratio of 4.17, a quick ratio of 3.67 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average price of $854.40 and a two-hundred day moving average price of $637.76.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, February 21st. The computer hardware maker reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.21 by $0.95. The business had revenue of $22.10 billion during the quarter, compared to analysts’ expectations of $20.40 billion. NVIDIA had a net margin of 48.85% and a return on equity of 93.61%. The company’s revenue for the quarter was up 265.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 EPS. As a group, equities research analysts expect that NVIDIA Co. will post 22.55 EPS for the current year.

NVIDIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Wednesday, March 6th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.02%. The ex-dividend date was Tuesday, March 5th. NVIDIA’s payout ratio is 1.34%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on NVDA shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,100.00 target price on shares of NVIDIA in a research note on Tuesday, February 20th. Morgan Stanley raised their price target on shares of NVIDIA from $795.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Stifel Nicolaus reiterated a “buy” rating and issued a $910.00 price objective on shares of NVIDIA in a report on Wednesday, March 20th. Jefferies Financial Group raised their target price on NVIDIA from $610.00 to $780.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Finally, Wolfe Research upped their price target on NVIDIA from $630.00 to $900.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Four investment analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and an average price target of $940.30.

Insider Transactions at NVIDIA

In related news, Director Mark A. Stevens sold 22,700 shares of the company’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $879.97, for a total value of $19,975,319.00. Following the completion of the sale, the director now directly owns 1,052,133 shares of the company’s stock, valued at approximately $925,845,476.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other NVIDIA news, Director Mark A. Stevens sold 11,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $905.65, for a total transaction of $9,962,150.00. Following the transaction, the director now directly owns 1,074,833 shares of the company’s stock, valued at approximately $973,422,506.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark A. Stevens sold 22,700 shares of the company’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $879.97, for a total transaction of $19,975,319.00. Following the completion of the sale, the director now directly owns 1,052,133 shares of the company’s stock, valued at $925,845,476.01. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,278 shares of company stock worth $52,689,898. Corporate insiders own 3.99% of the company’s stock.

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.