Plimoth Trust Co. LLC has reduced its holdings in NVIDIA Corporation (NASDAQ: NVDA) by 3.8% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now owns 129,317 shares of the prominent computer hardware maker, having sold 5,081 shares during the quarter. NVIDIA remains a significant part of Plimoth Trust’s portfolio, comprising 5.5% of its total investments, making it the third largest position held by the firm. As of the latest filing, these holdings were valued at approximately $24.1 million.
Several other institutional investors have also adjusted their positions in NVIDIA recently. Websterrogers Financial Advisors LLC increased its stake by 2.6%, now owning 2,118 shares valued at $395,000 after acquiring an additional 54 shares. Similarly, Helen Stephens Group LLC raised its holdings in NVIDIA by 3.9%, bringing its total to 1,483 shares valued at $277,000 after purchasing an extra 56 shares.
Other companies, including Morton Brown Family Wealth LLC and Alpha Wealth Funds LLC, also reported slight increases in their holdings. Currently, approximately 65.27% of NVIDIA shares are owned by hedge funds and other institutional investors.
NVIDIA Stock Performance and Financial Metrics
As of the latest trading session, NVIDIA shares were down 2.1%, opening at $185.16. The stock has shown a significant range over the past year, with a 52-week low of $86.62 and a 52-week high of $212.19. NVIDIA’s market capitalization stands at an impressive $4.5 trillion, with a price-to-earnings ratio of 45.95 and a PEG ratio of 0.92. The company maintains a low debt-to-equity ratio of 0.06, indicating a strong financial position.
In terms of liquidity, NVIDIA’s quick ratio is 3.71, while its current ratio is 4.47, highlighting robust short-term financial health.
Dividend Announcement and Insider Sales
In addition to its stock performance, NVIDIA recently announced a quarterly dividend of $0.01 per share, paid on December 26, 2023, to shareholders on record as of December 4, 2023. This results in an annualized dividend of $0.04, reflecting a dividend yield of 0.0% and a payout ratio of 0.99%.
Insider trading activity has also been notable, with Director Mark A. Stevens selling 222,500 shares on December 19, 2023, at an average price of $180.17, totaling approximately $40.1 million. Post-sale, his holdings decreased by 2.84% to 7,621,453 shares, valued at around $1.37 billion. Similarly, Director Harvey C. Jones sold 250,000 shares on December 15, 2023, for about $44.3 million, reducing his holdings by 3.48%.
Over the past three months, insiders have sold a total of 1,711,474 shares worth approximately $312 million, with insiders currently holding 4.17% of the company’s stock.
Analysts continue to express optimism about NVIDIA, with multiple upgrades recently. Mizuho raised its target price from $235.00 to $245.00, while Daiwa Capital Markets increased its price objective from $165.00 to $205.00. Other firms, including Arete Research and Bank of America, have also adjusted their ratings and price targets upwards, with an average price target of $262.14 according to MarketBeat.
NVIDIA, founded in 1993 and headquartered in Santa Clara, California, has evolved from a graphics-focused chipmaker into a leading provider of accelerated computing solutions across various industries. The company’s product offerings include discrete GPUs for gaming and professional visualization, high-performance data center accelerators for AI applications, and system-on-chip technologies for automotive and edge computing.
