Covenant Partners LLC Has $5.22 Million Position in NVIDIA Co. (NASDAQ:NVDA)

Covenant Partners LLC trimmed its position in NVIDIA Co. (NASDAQ:NVDA - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,850 shares of the computer hardware maker's stock after selling 3,656 shares during the quarter. NVIDIA makes up approximately 1.6% of Covenant Partners LLC's portfolio, making the stock its 11th biggest holding. Covenant Partners LLC's holdings in NVIDIA were worth $5,217,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Tacita Capital Inc purchased a new position in NVIDIA during the 4th quarter valued at about $28,000. Legend Financial Advisors Inc. purchased a new position in shares of NVIDIA during the fourth quarter valued at approximately $34,000. Vision Financial Markets LLC bought a new position in shares of NVIDIA during the fourth quarter valued at approximately $38,000. Luken Investment Analytics LLC purchased a new stake in NVIDIA in the fourth quarter worth $40,000. Finally, Lowe Wealth Advisors LLC purchased a new stake in NVIDIA in the fourth quarter worth $46,000. 65.27% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $116.80, for a total transaction of $525,600.00. Following the transaction, the insider now owns 479,428 shares in the company, valued at approximately $55,997,190.40. The trade was a 0.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Colette Kress sold 66,660 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 3,085,765 shares of the company's stock, 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. In the last quarter, insiders have sold 147,147 shares of company stock valued at $17,133,207. Insiders own 4.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NVDA. Seaport Res Ptn upgraded NVIDIA to a "strong sell" rating in a research report on Wednesday, April 30th. Truist Financial raised their price objective on NVIDIA from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday. Arete Research raised shares of NVIDIA to a "strong-buy" rating in a research report on Wednesday, May 21st. Barclays reissued an "overweight" rating and set a $170.00 price target (up from $155.00) on shares of NVIDIA in a research report on Thursday. Finally, KeyCorp set a $190.00 price objective on shares of NVIDIA in a research note on Wednesday, March 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-six have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $171.66.

NVIDIA Stock Up 3.2%

Shares of NVIDIA stock traded up $4.38 on Thursday, hitting $139.19. 368,832,482 shares of the company traded hands, compared to its average volume of 286,404,452. NVIDIA Co. has a 12-month low of $86.62 and a 12-month high of $195.95. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.40 trillion, a PE ratio of 54.78, a PEG ratio of 1.76 and a beta of 2.11. The company has a 50-day moving average price of $115.20 and a 200 day moving average price of $126.61.

NVIDIA (NASDAQ:NVDA - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.06). The business had revenue of $44.06 billion for the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The firm's revenue for the quarter was up 69.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.61 EPS. Sell-side analysts predict that NVIDIA Co. will post 2.77 earnings per share for the current year.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th will be paid a dividend of $0.01 per share. The ex-dividend date is Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA's dividend payout ratio (DPR) is presently 1.36%.

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.