M&T Bank Corp Decreases Stock Position in NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• M&T Bank Corp has reduced its stake in NVIDIA by 4.5%, now holding approximately 3.69 million shares worth $400 million, making it the bank's 14th biggest holding.
• Analysts have modified their price targets for NVIDIA, with several firms increasing their targets to as high as $220, signaling strong confidence in the company's future performance.
• NVIDIA's recent earnings report showed a revenue increase of 69.2% year-over-year, but earnings per share missed analyst expectations, highlighting mixed performance despite strong revenue growth.

M&T Bank Corp cut its stake in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 4.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,692,031 shares of the computer hardware maker's stock after selling 175,303 shares during the period. NVIDIA accounts for 1.5% of M&T Bank Corp's investment portfolio, making the stock its 14th largest holding. M&T Bank Corp's holdings in NVIDIA were worth $400,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Stratos Investment Management LLC lifted its holdings in shares of NVIDIA by 30.1% in the 1st quarter. Stratos Investment Management LLC now owns 180,108 shares of the computer hardware maker's stock worth $19,520,000 after purchasing an additional 41,618 shares in the last quarter. Blackhawk Capital Partners LLC. lifted its holdings in shares of NVIDIA by 56.0% in the 1st quarter. Blackhawk Capital Partners LLC. now owns 46,491 shares of the computer hardware maker's stock worth $5,039,000 after purchasing an additional 16,683 shares in the last quarter. Black Diamond Financial LLC lifted its holdings in shares of NVIDIA by 5.8% in the 1st quarter. Black Diamond Financial LLC now owns 20,315 shares of the computer hardware maker's stock worth $2,202,000 after purchasing an additional 1,120 shares in the last quarter. May Hill Capital LLC lifted its holdings in shares of NVIDIA by 6.3% in the 1st quarter. May Hill Capital LLC now owns 31,524 shares of the computer hardware maker's stock worth $3,417,000 after purchasing an additional 1,865 shares in the last quarter. Finally, Hourglass Capital LLC lifted its holdings in shares of NVIDIA by 1.1% in the 1st quarter. Hourglass Capital LLC now owns 35,780 shares of the computer hardware maker's stock worth $3,878,000 after purchasing an additional 400 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NVDA has been the subject of a number of analyst reports. Bank of America increased their price target on NVIDIA from $180.00 to $220.00 in a research report on Wednesday, July 16th. Summit Insights raised NVIDIA from a "hold" rating to a "buy" rating in a research report on Thursday, May 29th. Morgan Stanley increased their price target on NVIDIA from $170.00 to $200.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Phillip Securities raised NVIDIA from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, July 14th. Finally, UBS Group reissued a "buy" rating on shares of NVIDIA in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, NVIDIA currently has a consensus rating of "Moderate Buy" and an average price target of $182.03.

NVIDIA Trading Up 3.6%

Shares of NVDA stock traded up $6.28 on Monday, reaching $180.00. 147,497,317 shares of the company's stock were exchanged, compared to its average volume of 248,133,797. The company has a current ratio of 3.39, a quick ratio of 2.96 and a debt-to-equity ratio of 0.10. The company's fifty day simple moving average is $155.30 and its 200 day simple moving average is $132.28. The stock has a market capitalization of $4.39 trillion, a PE ratio of 58.06, a P/E/G ratio of 1.53 and a beta of 2.14. NVIDIA Corporation has a 52 week low of $86.62 and a 52 week high of $183.30.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued its 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 firm had revenue of $44.06 billion for the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The company's revenue for the quarter was up 69.2% on a year-over-year basis. During the same period last year, the firm earned $0.61 earnings per share. As a group, analysts forecast that NVIDIA Corporation will post 2.77 EPS for the current year.

NVIDIA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend was Wednesday, June 11th. NVIDIA's payout ratio is presently 1.29%.

Insider Buying and Selling

In related news, Director Tench Coxe sold 1,000,000 shares of the company's stock in a transaction dated 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 directly owned 26,671,360 shares of the company's stock, valued at $3,808,670,208. This represents a 3.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Mark A. Stevens sold 935,000 shares of the business's stock in a transaction dated 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 sale, the director owned 9,214,697 shares in the company, valued at approximately $1,298,535,101.24. The trade was a 9.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,339,800 shares of company stock valued at $800,141,003. 4.17% of the stock is currently owned by insiders.

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.