Rice Partnership LLC Cuts Position in NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Rice Partnership LLC has reduced its stake in NVIDIA Corporation by 13.6%, holding 153,669 shares valued at approximately $16.66 million, which makes NVIDIA the firm's sixth largest investment.
• NVIDIA's recent earnings report showed a miss in EPS estimates by $0.06, reporting $0.81 per share, while the company's revenue grew by 69.2% year-over-year to $44.06 billion.
• Several analysts have upgraded NVIDIA's stock rating recently, with targets raised to as high as $200, contributing to an average consensus price target of $182.03.

Rice Partnership LLC lowered its position in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 13.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,669 shares of the computer hardware maker's stock after selling 24,118 shares during the quarter. NVIDIA accounts for approximately 3.4% of Rice Partnership LLC's holdings, making the stock its 6th biggest holding. Rice Partnership LLC's holdings in NVIDIA were worth $16,655,000 at the end of the most recent quarter.

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

NVIDIA Trading Down 2.3%

Shares of NASDAQ:NVDA traded down $4.15 during trading on Friday, hitting $173.72. 203,669,565 shares of the company's stock were exchanged, compared to its average volume of 153,436,048. NVIDIA Corporation has a 1-year low of $86.62 and a 1-year high of $183.30. The firm has a 50-day moving average price of $155.30 and a two-hundred day moving average price of $132.32. 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 firm has a market cap of $4.24 trillion, a P/E ratio of 56.04, a PEG ratio of 1.57 and a beta of 2.14.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued 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 return on equity of 105.09% and a net margin of 51.69%. The business had revenue of $44.06 billion for the quarter, compared to analyst estimates of $43.09 billion. During the same quarter in the prior year, the firm earned $0.61 EPS. The firm's quarterly revenue was up 69.2% compared to the same quarter last year. Equities analysts predict that NVIDIA Corporation will post 2.77 earnings per share for the current 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 paid a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, June 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. NVIDIA's payout ratio is presently 1.29%.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 935,000 shares of NVIDIA 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 of the company's stock, valued at approximately $1,298,535,101.24. The trade was a 9.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the completion of the transaction, the director directly owned 26,671,360 shares in the company, valued at approximately $3,808,670,208. The trade was a 3.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,339,800 shares of company stock worth $800,141,003. Corporate insiders own 4.17% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on NVDA. Rosenblatt Securities upped their price target on shares of NVIDIA from $178.00 to $200.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Arete Research upgraded shares of NVIDIA to a "strong-buy" rating in a research note on Wednesday, May 21st. HSBC lowered shares of NVIDIA from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a research note on Thursday, April 3rd. Citigroup upped their price objective on shares of NVIDIA from $180.00 to $190.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Finally, Benchmark reiterated a "buy" rating and issued a $190.00 price objective on shares of NVIDIA in a research note on Thursday, May 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-three have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, NVIDIA currently has an average rating of "Moderate Buy" and a consensus 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.