Pinnacle Financial Partners Inc Acquires 24,442 Shares of NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Pinnacle Financial Partners Inc increased its holdings in NVIDIA Corporation by 5.4%, owning approximately 477,729 shares worth $52.69 million, making it the 18th largest position in their portfolio.
• Multiple hedge funds have also adjusted their positions in NVIDIA, with notable increases from firms like Variant Private Wealth LLC, which saw a 20.6% boost in its holdings.
• NVIDIA recently announced a quarterly dividend of $0.01 per share, resulting in a minimal yield of 0.02%, highlighting a low payout ratio relative to its earnings.

Pinnacle Financial Partners Inc lifted its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 477,729 shares of the computer hardware maker's stock after acquiring an additional 24,442 shares during the quarter. NVIDIA accounts for about 1.1% of Pinnacle Financial Partners Inc's investment portfolio, making the stock its 18th biggest position. Pinnacle Financial Partners Inc's holdings in NVIDIA were worth $52,690,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Tacita Capital Inc acquired a new stake in shares of NVIDIA during the fourth quarter worth $28,000. Vision Financial Markets LLC bought a new stake in shares of NVIDIA during the 4th quarter valued at about $38,000. Copia Wealth Management acquired a new stake in NVIDIA during the fourth quarter worth about $50,000. Barnes Dennig Private Wealth Management LLC bought a new position in NVIDIA in the first quarter worth about $51,000. Finally, Bruce G. Allen Investments LLC boosted its stake in NVIDIA by 198.2% in the first quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker's stock valued at $53,000 after acquiring an additional 327 shares during the period. Hedge funds and other institutional investors own 65.27% of the company's stock.

Insider Buying and Selling at NVIDIA

In related news, EVP Ajay K. Puri sold 168,195 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $152.64, for a total value of $25,673,284.80. Following the completion of the sale, the executive vice president directly owned 4,018,547 shares in the company, valued at approximately $613,391,014.08. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark A. Stevens sold 935,000 shares of the firm'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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,264,800 shares of company stock worth $786,735,503 over the last quarter. Company insiders own 4.17% of the company's stock.

NVIDIA Stock Up 2.1%

Shares of NASDAQ NVDA traded up $3.76 during mid-day trading on Wednesday, reaching $179.27. The company had a trading volume of 170,353,567 shares, compared to its average volume of 149,383,152. The stock has a market capitalization of $4.37 trillion, a PE ratio of 57.83, a price-to-earnings-growth ratio of 1.55 and a beta of 2.13. NVIDIA Corporation has a twelve month low of $86.62 and a twelve month high of $179.89. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39. The stock's 50 day moving average is $153.55 and its 200-day moving average is $131.72.

NVIDIA (NASDAQ:NVDA - Get Free Report) last posted 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). 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 last year, the business earned $0.61 earnings per share. The firm's revenue for the quarter was up 69.2% on a year-over-year basis. As a group, equities analysts anticipate that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were issued a dividend of $0.01 per share. The ex-dividend date was Wednesday, June 11th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. NVIDIA's dividend payout ratio is currently 1.29%.

Analyst Ratings Changes

Several brokerages recently issued reports on NVDA. Oppenheimer raised their price target on NVIDIA from $175.00 to $200.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Jefferies Financial Group raised their target price on NVIDIA from $185.00 to $200.00 in a research note on Wednesday, July 16th. UBS Group restated a "buy" rating on shares of NVIDIA in a research report on Friday, May 23rd. Bank of America increased their price objective on shares of NVIDIA from $180.00 to $220.00 in a report on Wednesday, July 16th. Finally, Seaport Res Ptn upgraded shares of NVIDIA to a "strong sell" rating in a research note on Wednesday, April 30th. 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, NVIDIA has an average rating of "Moderate Buy" and a consensus target price of $182.03.

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.