NVIDIA Corporation (NASDAQ:NVDA) Shares Sold by State of Michigan Retirement System

Key Points

• The State of Michigan Retirement System reduced its stake in NVIDIA Corporation by 0.2%, now holding approximately 8.4 million shares, making NVIDIA its second largest position.
• NVIDIA reported earnings per share of $0.81 for the last quarter, below the expected $0.87, while revenue grew by 69.2% year-over-year to $44.06 billion.
• Following recent insider sales, CEO Jen Hsun Huang's ownership decreased by 0.10%, with notable transactions totaling around $18 million in stock sold by senior executives.

State of Michigan Retirement System lessened its stake in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 0.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,445,560 shares of the computer hardware maker's stock after selling 14,000 shares during the period. NVIDIA accounts for approximately 5.3% of State of Michigan Retirement System's portfolio, making the stock its 2nd largest position. State of Michigan Retirement System's holdings in NVIDIA were worth $915,330,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Tacita Capital Inc acquired a new stake in shares of NVIDIA during the fourth quarter worth about $28,000. Vision Financial Markets LLC acquired a new stake in shares of NVIDIA during the fourth quarter worth about $38,000. Copia Wealth Management acquired a new stake in shares of NVIDIA during the fourth quarter worth about $50,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of NVIDIA during the first quarter worth about $51,000. Finally, Bruce G. Allen Investments LLC boosted its stake in shares of NVIDIA by 198.2% during the first quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker's stock worth $53,000 after buying an additional 327 shares during the period. Institutional investors and hedge funds own 65.27% of the company's stock.

NVIDIA Stock Down 1.0%

Shares of NASDAQ NVDA opened at $178.26 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.39 and a quick ratio of 2.96. NVIDIA Corporation has a 1 year low of $86.62 and a 1 year high of $183.30. The company has a 50 day simple moving average of $157.13 and a 200 day simple moving average of $132.90. The firm has a market cap of $4.35 trillion, a PE ratio of 57.50, a price-to-earnings-growth ratio of 1.59 and a beta of 2.14.

NVIDIA (NASDAQ:NVDA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.06). NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The firm had revenue of $44.06 billion for the quarter, compared to analysts' expectations of $43.09 billion. During the same period in the prior year, the firm earned $0.61 earnings per share. NVIDIA's revenue was up 69.2% compared to the same quarter last year. On average, research analysts forecast that NVIDIA Corporation will post 2.77 EPS for the current year.

NVIDIA Dividend Announcement

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

Insider Activity at NVIDIA

In other news, CEO Jen Hsun Huang sold 75,000 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $178.16, for a total value of $13,362,000.00. Following the sale, the chief executive officer directly owned 73,523,225 shares of the company's stock, valued at approximately $13,098,897,766. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Colette Kress sold 27,650 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $170.89, for a total value of $4,725,108.50. Following the sale, the chief financial officer directly owned 2,984,516 shares in the company, valued at $510,023,939.24. This trade represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,489,800 shares of company stock valued at $826,553,003. 4.17% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NVDA has been the subject of several recent research reports. Needham & Company LLC increased their target price on shares of NVIDIA from $160.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Phillip Securities raised shares of NVIDIA from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, July 14th. Arete Research upgraded shares of NVIDIA to a "strong-buy" rating in a research report on Wednesday, May 21st. Citigroup raised their target price on shares of NVIDIA from $180.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Finally, Morgan Stanley lifted their price target on shares of NVIDIA from $170.00 to $200.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, four have given 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 MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $182.03.

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.

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