Delaney Dennis R has reduced its holdings in NVIDIA Corporation (NASDAQ: NVDA) by selling 2,010 shares, resulting in a 2.7% decrease in its position. According to the firm’s recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Delaney Dennis R now owns 73,140 shares, valued at approximately $7.93 million, making NVIDIA the sixth largest holding in its portfolio.
The decision to trim its NVIDIA stake comes as several other institutional investors have also adjusted their positions in the company. Astoria Portfolio Advisors LLC increased its stake by 0.9%, acquiring an additional 864 shares, bringing its total holdings to 93,568 shares worth $9.61 million. Centerpoint Advisory Group also raised its stake by 2.5%, now owning 39,398 shares valued at $4.27 million. GSB Wealth Management LLC and Variant Private Wealth LLC similarly increased their stakes by 3.3% and 20.6%, respectively.
Analyst Upgrades and Market Impact
NVIDIA has recently garnered attention from analysts, leading to several upgrades and increased price targets. For instance, Barclays raised its price target from $170.00 to $200.00, assigning an “overweight” rating. Citigroup and Jefferies Financial Group also reiterated their “overweight” ratings, with Jefferies lifting its target to $200.00.
The stock has received a consensus rating of “Moderate Buy” from analysts, with a projected average price target of $191.78. Currently, 65.27% of NVIDIA’s stock is owned by hedge funds and other institutional investors.
In terms of insider transactions, NVIDIA’s CEO, Jen Hsun Huang, sold 75,000 shares at an average price of $152.54, totaling $11.44 million. Following this transaction, Huang retains ownership of 75,548,225 shares. Another significant insider transaction involved Director Tench Coxe, who sold 1,000,000 shares for $142.80 each, amounting to $142.8 million.
NVIDIA’s Financial Performance
NVIDIA’s stock opened at $174.98, reflecting a 0.2% decline on a recent trading day. The company has experienced considerable growth, with a market capitalization of $4.27 trillion and a price-to-earnings (P/E) ratio of 56.45. Its most recent earnings report on May 28, 2023, revealed earnings per share (EPS) of $0.81, falling short of analysts’ expectations of $0.87. Nonetheless, NVIDIA reported revenue of $44.06 billion, exceeding forecasts of $43.09 billion and marking a significant year-over-year increase of 69.2%.
The company also declared a quarterly dividend of $0.01, paid on July 3, 2023. This brings its annualized dividend to $0.04 and reflects a low dividend payout ratio of 1.29%.
NVIDIA continues to be a leader in providing graphics and computing solutions across various sectors, including gaming and artificial intelligence. As investor interest remains high, the company’s strategic moves and market performance will be closely monitored in the coming months.
