Costello Asset Management INC Sells 8,894 Shares of NVIDIA Co. (NASDAQ:NVDA)

Costello Asset Management INC lessened its holdings in NVIDIA Co. (NASDAQ:NVDA) by 46.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,310 shares of the computer hardware maker’s stock after selling 8,894 shares during the period. Costello Asset Management INC’s holdings in NVIDIA were worth $1,252,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in NVDA. CGC Financial Services LLC acquired a new stake in shares of NVIDIA in the 2nd quarter valued at $26,000. Quest Partners LLC acquired a new position in shares of NVIDIA in the 2nd quarter valued at $27,000. Christopher J. Hasenberg Inc acquired a new stake in shares of NVIDIA during the third quarter worth about $27,000. University of Texas Texas AM Investment Management Co. bought a new position in NVIDIA in the second quarter valued at approximately $31,000. Finally, FPC Investment Advisory Inc. boosted its stake in NVIDIA by 900.0% in the 2nd quarter. FPC Investment Advisory Inc. now owns 290 shares of the computer hardware maker’s stock worth $34,000 after purchasing an additional 261 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

NVIDIA Stock Up 0.4 %

NVDA stock opened at $140.22 on Thursday. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $139.84 and a 200-day simple moving average of $127.62. NVIDIA Co. has a twelve month low of $47.32 and a twelve month high of $152.89. The company has a market capitalization of $3.43 trillion, a P/E ratio of 55.18, a PEG ratio of 2.43 and a beta of 1.64.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $35.08 billion during the quarter, compared to analyst estimates of $33.15 billion. During the same quarter in the prior year, the firm posted $0.38 EPS. NVIDIA’s revenue was up 93.6% compared to the same quarter last year. On average, equities research analysts predict that NVIDIA Co. will post 2.78 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

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

NVIDIA declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

NVDA has been the subject of several research analyst reports. Raymond James lifted their target price on NVIDIA from $140.00 to $170.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 14th. Westpark Capital raised their target price on shares of NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Barclays raised their price objective on shares of NVIDIA from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. TD Cowen increased their price target on NVIDIA from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Finally, Melius Research lifted their price target on shares of NVIDIA from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Four investment analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $164.15.

Insider Activity

In other news, Director Mark A. Stevens sold 125,000 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $122.61, for a total transaction of $15,326,250.00. Following the transaction, the director now owns 8,255,117 shares in the company, valued at approximately $1,012,159,895.37. This trade represents a 1.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $131.26, for a total transaction of $131,260,000.00. Following the transaction, the director now directly owns 28,671,360 shares in the company, valued at $3,763,402,713.60. The trade was a 3.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,391,886 shares of company stock worth $181,666,050 over the last 90 days. 4.23% of the stock is owned by company insiders.

NVIDIA Company Profile

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.