PAX Financial Group LLC has reduced its stake in NVIDIA Corporation (NASDAQ: NVDA) by 29.8% during the second quarter of 2023, according to HoldingsChannel. The financial firm now holds 20,595 shares after selling 8,731 shares in the quarter. As of the end of this reporting period, PAX Financial’s holdings in NVIDIA were valued at approximately $3,254,000.
Several other institutional investors have also adjusted their positions in NVIDIA recently. Harbor Asset Planning Inc. established a new position in the company, investing around $28,000. Spurstone Advisory Services LLC and Legend Financial Advisors Inc. also made new investments, with stakes valued at approximately $40,000 and $55,000, respectively. Notably, Kathleen S. Wright Associates Inc. increased its stake by 169.3% in the first quarter, bringing its total to 404 shares worth $44,000 after acquiring an additional 254 shares. Westend Capital Management LLC raised its holdings by 46.8% in the second quarter, now owning 455 shares valued at $72,000. Institutional investors collectively hold 65.27% of NVIDIA’s stock.
Insider Transactions and Stock Performance
In related news, significant insider transactions have occurred at NVIDIA. On September 19, 2023, Director Mark A. Stevens sold 350,000 shares of the company at an average price of $176.39, resulting in a total transaction of $61,736,500. Following this sale, Stevens retained 7,399,803 shares, a decrease of 4.52% in ownership value. Another director, Harvey C. Jones, sold 250,000 shares on September 18, 2023, at an average price of $176.21, totaling $44,052,500. After this transaction, Jones held 7,183,280 shares, marking a 3.36% decline in ownership. In the previous quarter, insiders sold 2,949,931 shares for approximately $531,605,955, with insiders currently holding 4.17% of the company’s stock.
Analysts have noted fluctuations in NVIDIA’s stock performance, with the share price opening at $182.41 recently. The stock’s 50-day moving average stands at $187.13, while the 200-day moving average is at $172.08. NVIDIA’s market capitalization is currently around $4.43 trillion, with a price-to-earnings (P/E) ratio of 45.26 and a beta of 2.29.
NVIDIA’s Quarterly Earnings and Future Outlook
On November 19, 2023, NVIDIA announced its quarterly earnings, reporting $1.30 earnings per share (EPS), surpassing analysts’ expectations of $1.23 by $0.07. The company achieved a return on equity of 99.24% and a net margin of 53.01%. Revenue for the quarter reached $57.01 billion, significantly exceeding the anticipated $54.66 billion and reflecting a 62.5% increase year-over-year from the previous year’s $0.81 EPS.
Looking ahead, equities research analysts forecast that NVIDIA Corporation will post an EPS of 2.77 for the current fiscal year. Furthermore, NVIDIA recently announced a quarterly dividend of $0.01 per share, set to be paid on December 26, 2023. Investors on record by December 4, 2023 will be eligible for this dividend, with an ex-dividend date also on December 4. This dividend reflects an annualized rate of $0.04 and indicates a dividend payout ratio of 0.99%.
NVIDIA Corporation, known for its innovative graphics and computing solutions, continues to operate in a competitive landscape, providing products and services across the globe, including the United States, Taiwan, China, and Hong Kong. As the company navigates through changes in investor sentiment and market dynamics, its performance remains closely monitored by financial analysts and stakeholders alike.
