Gilliland Jeter Wealth Management LLC Raises Holdings in NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Gilliland Jeter Wealth Management LLC increased its stake in NVIDIA by 3.4% in Q1, making it the firm's second largest holding, worth approximately $17 million.
• Insiders, including directors, have recently sold large amounts of NVIDIA shares, totaling over 5.3 million shares in the past three months, indicating a decrease in their ownership positions.
• NVIDIA reported lower-than-expected earnings per share of $0.81 for the latest quarter, missing the consensus estimate by ($0.06), despite revenues growing significantly year-over-year.

Gilliland Jeter Wealth Management LLC lifted its stake in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 3.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 157,085 shares of the computer hardware maker's stock after purchasing an additional 5,114 shares during the quarter. NVIDIA comprises about 6.0% of Gilliland Jeter Wealth Management LLC's investment portfolio, making the stock its 2nd largest holding. Gilliland Jeter Wealth Management LLC's holdings in NVIDIA were worth $17,025,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Condor Capital Management raised its position in NVIDIA by 3.6% in the fourth quarter. Condor Capital Management now owns 2,559 shares of the computer hardware maker's stock worth $344,000 after acquiring an additional 89 shares in the last quarter. Kelly Financial Services LLC raised its position in NVIDIA by 2.0% in the first quarter. Kelly Financial Services LLC now owns 4,736 shares of the computer hardware maker's stock worth $513,000 after acquiring an additional 94 shares in the last quarter. Foundry Financial Group Inc. raised its position in NVIDIA by 2.2% in the fourth quarter. Foundry Financial Group Inc. now owns 4,387 shares of the computer hardware maker's stock worth $589,000 after acquiring an additional 96 shares in the last quarter. Mendel Capital Management LLC raised its position in NVIDIA by 0.8% in the first quarter. Mendel Capital Management LLC now owns 11,871 shares of the computer hardware maker's stock worth $1,287,000 after acquiring an additional 96 shares in the last quarter. Finally, Wallace Hart LLC raised its position in NVIDIA by 3.9% in the fourth quarter. Wallace Hart LLC now owns 2,599 shares of the computer hardware maker's stock worth $349,000 after acquiring an additional 97 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the transaction, the director owned 26,671,360 shares in the company, valued at $3,808,670,208. This trade represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark A. Stevens sold 935,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $140.92, for a total value of $131,760,200.00. Following the transaction, the director owned 9,214,697 shares in the company, valued at approximately $1,298,535,101.24. This trade represents a 9.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,339,800 shares of company stock worth $800,141,003. 4.17% of the stock is currently owned by company insiders.

NVIDIA Trading Down 2.3%

Shares of NASDAQ NVDA opened at $173.72 on Friday. The stock has a market cap of $4.24 trillion, a price-to-earnings ratio of 56.04, a PEG ratio of 1.57 and a beta of 2.14. The business has a 50 day simple moving average of $155.30 and a 200 day simple moving average of $132.32. NVIDIA Corporation has a 52 week low of $86.62 and a 52 week high of $183.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39.

NVIDIA (NASDAQ:NVDA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.06). NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The firm had revenue of $44.06 billion during the quarter, compared to the consensus estimate of $43.09 billion. During the same period in the previous year, the firm posted $0.61 EPS. The company's quarterly revenue was up 69.2% compared to the same quarter last year. On average, research analysts predict that NVIDIA Corporation 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 Thursday, July 3rd. Shareholders of record on Wednesday, June 11th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date was Wednesday, June 11th. NVIDIA's dividend payout ratio (DPR) is 1.29%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NVDA shares. Piper Sandler reiterated an "overweight" rating and issued a $180.00 price target (up from $150.00) on shares of NVIDIA in a research report on Wednesday, May 28th. Truist Financial boosted their price target on shares of NVIDIA from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. UBS Group reiterated a "buy" rating on shares of NVIDIA in a research report on Friday, May 23rd. TD Cowen boosted their price objective on NVIDIA from $140.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Finally, Bank of America raised their target price on shares of NVIDIA from $180.00 to $220.00 in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-three have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $182.03.

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.

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