Covington Investment Advisors Inc. Has $25.32 Million Holdings in NVIDIA Co. (NASDAQ:NVDA)

Covington Investment Advisors Inc. lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA - Free Report) by 6.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 188,560 shares of the computer hardware maker's stock after purchasing an additional 11,665 shares during the period. NVIDIA accounts for about 2.2% of Covington Investment Advisors Inc.'s portfolio, making the stock its 6th largest position. Covington Investment Advisors Inc.'s holdings in NVIDIA were worth $25,322,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NVDA. Norges Bank bought a new stake in shares of NVIDIA during the fourth quarter valued at approximately $43,515,504,000. Clear Street Derivatives LLC bought a new position in NVIDIA in the 3rd quarter valued at $4,589,905,000. Proficio Capital Partners LLC increased its stake in shares of NVIDIA by 14,641.2% in the 4th quarter. Proficio Capital Partners LLC now owns 34,676,316 shares of the computer hardware maker's stock valued at $4,656,682,000 after buying an additional 34,441,082 shares during the period. GQG Partners LLC raised its position in shares of NVIDIA by 132.3% during the fourth quarter. GQG Partners LLC now owns 25,697,930 shares of the computer hardware maker's stock worth $3,450,975,000 after acquiring an additional 14,636,057 shares during the last quarter. Finally, Amundi lifted its stake in shares of NVIDIA by 12.9% during the fourth quarter. Amundi now owns 117,036,612 shares of the computer hardware maker's stock valued at $16,394,224,000 after acquiring an additional 13,406,054 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $116.80, for a total value of $525,600.00. Following the completion of the transaction, the insider now directly owns 479,428 shares in the company, valued at approximately $55,997,190.40. This represents a 0.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Colette Kress sold 66,660 shares of the firm's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $116.83, for a total value of $7,787,887.80. Following the sale, the chief financial officer now directly owns 3,085,765 shares in the company, valued at approximately $360,509,924.95. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,147 shares of company stock worth $17,133,207 in the last three months. 4.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on NVDA shares. TD Cowen dropped their price objective on NVIDIA from $175.00 to $140.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Benchmark restated a "buy" rating and issued a $190.00 price objective on shares of NVIDIA in a report on Wednesday, March 19th. Mizuho lowered their target price on shares of NVIDIA from $175.00 to $168.00 and set an "outperform" rating for the company in a report on Friday, March 14th. Cantor Fitzgerald reissued an "overweight" rating and issued a $200.00 price target on shares of NVIDIA in a research note on Wednesday, April 16th. Finally, Rosenblatt Securities decreased their price objective on NVIDIA from $220.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Six research analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, NVIDIA currently has an average rating of "Moderate Buy" and an average target price of $164.96.

NVIDIA Stock Performance

Shares of NVIDIA stock opened at $108.92 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 company has a market cap of $2.66 trillion, a PE ratio of 42.87, a price-to-earnings-growth ratio of 1.76 and a beta of 1.96. The company has a 50 day moving average of $111.47 and a 200-day moving average of $128.49. NVIDIA Co. has a 1-year low of $81.25 and a 1-year high of $195.95.

NVIDIA (NASDAQ:NVDA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.05. The company had revenue of $39.33 billion during the quarter, compared to analysts' expectations of $38.16 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. As a group, equities research analysts forecast that NVIDIA Co. will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Wednesday, March 12th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend was Wednesday, March 12th. NVIDIA's dividend payout ratio (DPR) is presently 1.36%.

NVIDIA 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.

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