FAS Wealth Partners Inc. has reduced its holdings in NVIDIA Corporation (NASDAQ: NVDA) by 0.9%, according to a recent filing with the Securities and Exchange Commission (SEC). As of the latest report, the firm holds 130,909 shares of the semiconductor company, valued at approximately $14.19 million. This adjustment follows the sale of 1,185 shares during the first quarter of the year.
NVIDIA now constitutes around 1.2% of FAS Wealth Partners Inc.’s investment portfolio, making it the 20th largest holding in their assets. The firm is not alone in its adjustment; several large investors have recently modified their stakes in the company.
Significant Investor Activity
FMR LLC has increased its position in NVIDIA by 0.7% during the fourth quarter, now owning over 1 billion shares valued at approximately $134.88 billion. Geode Capital Management LLC similarly raised its stake by 1.7%, bringing its total to 555,548,278 shares, worth about $74.44 billion. Price T Rowe Associates Inc. also expanded its holdings by 0.9%, now owning 411,328,951 shares valued at $55.24 billion.
Additionally, Norges Bank acquired a new stake in NVIDIA valued at around $43.52 billion, while Northern Trust Corp increased its stake by 15.8%, holding 266,454,194 shares worth approximately $35.78 billion. Overall, institutional investors and hedge funds now own 65.27% of NVIDIA’s stock.
Insider Transactions and Analyst Ratings
In related news, Chief Financial Officer Colette Kress sold 20,000 shares of NVIDIA on August 4, 2023, at an average price of $178.06, resulting in a transaction valued at $3.56 million. Following this sale, Kress holds 153,060 shares valued at approximately $27.25 million. CEO Jen Hsun Huang also sold 75,000 shares on August 13, 2023, at an average price of $181.38, totaling $13.60 million. After this transaction, Huang owns 72,998,225 shares valued at around $13.24 billion. In total, corporate insiders have sold over 5.83 million shares in the last ninety days, amounting to approximately $889.40 million.
Analysts have responded positively to NVIDIA’s performance, with Oppenheimer raising its price target from $175.00 to $200.00 and assigning an “outperform” rating. Barclays also increased its target from $170.00 to $200.00 with an “overweight” rating. Other firms, such as Jefferies Financial Group and Mizuho, have set their price targets at $200.00 and $205.00, respectively. Currently, the stock has received one sell rating, five hold ratings, thirty-two buy ratings, and four strong buy ratings, resulting in an average rating of “Moderate Buy” with a consensus target price of $186.33.
NVIDIA’s stock performance has been noteworthy, opening at $180.45 recently. The company has a market capitalization of $4.40 trillion, with a price-to-earnings ratio of 58.21 and a price-to-earnings-growth ratio of 1.60. Following its last quarterly earnings report on May 28, 2023, NVIDIA recorded earnings per share of $0.81, which fell short of the consensus estimate of $0.87. Nevertheless, the firm reported revenue of $44.06 billion, surpassing expectations of $43.09 billion and showing a year-over-year increase of 69.2%.
NVIDIA also announced a quarterly dividend, which was paid on July 3, 2023. Investors of record on June 11, 2023, received a dividend of $0.01, translating to an annualized yield of 0.0%. The company’s payout ratio stands at 1.29%.
As NVIDIA continues to innovate in the fields of graphics processing and artificial intelligence, investor interest remains robust. The company’s diverse offerings, including gaming GPUs and cloud-based virtual computing solutions, position it well for future growth in a competitive market.
