Rep. Morgan McGarvey Sells Off Shares of NVIDIA Co. (NASDAQ:NVDA)

Representative Morgan McGarvey (D-Kentucky) recently sold shares of NVIDIA Co. (NASDAQ:NVDA). In a filing disclosed on December 10th, the Representative disclosed that they had sold between $1,001 and $15,000 in NVIDIA stock on November 13th. The trade occurred in the Representative’s “CHRIS SEP” account.

Representative Morgan McGarvey also recently made the following trade(s):

• Sold $1,001 – $15,000 in shares of Tesla (NASDAQ:TSLA) on 11/13/2024.
• Sold $1,001 – $15,000 in shares of Shell (NYSE:SHEL) on 11/13/2024.
• Sold $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 11/13/2024.
• Sold $1,001 – $15,000 in shares of Interactive Brokers Group (NASDAQ:IBKR) on 11/13/2024.
• Sold $1,001 – $15,000 in shares of Microsoft (NASDAQ:MSFT) on 11/13/2024.
• Sold $1,001 – $15,000 in shares of Charles Schwab (NYSE:SCHW) on 11/13/2024.
• Sold $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 11/13/2024.
• Sold $1,001 – $15,000 in shares of Trump Media & Technology Group (NASDAQ:DJT) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of Trump Media & Technology Group (NASDAQ:DJT) on 11/6/2024.
• Purchased $1,001 – $15,000 in shares of Tesla (NASDAQ:TSLA) on 10/25/2024.

NVIDIA Stock Up 3.1 %

Shares of NASDAQ:NVDA opened at $139.31 on Thursday. NVIDIA Co. has a 52-week low of $46.05 and a 52-week high of $152.89. The company has a market capitalization of $3.41 trillion, a price-to-earnings ratio of 54.85, a price-to-earnings-growth ratio of 2.58 and a beta of 1.63. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $138.87 and a two-hundred day moving average of $126.24.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The business had revenue of $35.08 billion for the quarter, compared to analysts’ expectations of $33.15 billion. During the same quarter last year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 93.6% compared to the same quarter last year. As a group, analysts forecast that NVIDIA Co. will post 2.76 earnings per share for the current fiscal year.

NVIDIA declared that its board has approved a stock repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

NVIDIA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date is Thursday, December 5th. NVIDIA’s dividend payout ratio (DPR) is presently 1.57%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Benchmark lifted their price target on NVIDIA from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Rosenblatt Securities reiterated a “buy” rating and set a $200.00 price target on shares of NVIDIA in a research report on Monday, November 18th. JPMorgan Chase & Co. lifted their target price on NVIDIA from $155.00 to $170.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. HSBC upped their price target on shares of NVIDIA from $145.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Loop Capital restated a “buy” rating and set a $175.00 target price on shares of NVIDIA in a report on Wednesday, November 20th. Four investment analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $164.15.

Insider Activity

In related news, Director John Dabiri sold 716 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $142.00, for a total value of $101,672.00. Following the completion of the sale, the director now owns 19,942 shares in the company, valued at $2,831,764. This represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Colette Kress sold 66,670 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the transaction, the chief financial officer now directly owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,556,986 shares of company stock worth $188,359,199. Corporate insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in NVIDIA by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 546,079,492 shares of the computer hardware maker’s stock valued at $66,101,133,000 after acquiring an additional 11,525,969 shares during the period. Legal & General Group Plc increased its stake in NVIDIA by 884.0% during the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after buying an additional 191,469,114 shares during the period. Bank of New York Mellon Corp lifted its holdings in NVIDIA by 854.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after buying an additional 163,482,580 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of NVIDIA by 3.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 180,403,789 shares of the computer hardware maker’s stock worth $21,908,236,000 after acquiring an additional 6,526,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of NVIDIA by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 146,069,090 shares of the computer hardware maker’s stock worth $17,738,630,000 after acquiring an additional 2,042,348 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

About Representative McGarvey

Morgan McGarvey (Democratic Party) is a member of the U.S. House, representing Kentucky’s 3rd Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. McGarvey (Democratic Party) is running for re-election to the U.S. House to represent Kentucky’s 3rd Congressional District. He declared candidacy for the Democratic primary scheduled on May 21, 2024. McGarvey served as state Senate minority leader from 2019 to 2023. Morgan McGarvey was born in Louisville, Kentucky. McGarvey earned a bachelor’s degree in journalism from the University of Missouri and a law degree from the University of Kentucky. His career experience includes working as an attorney with Morgan & Pottinger PSC. McGarvey has been affiliated with the Young Professionals Association of Louisville and the New Leaders Council.

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.