PCM Encore Trims NVIDIA Stake as Institutional Investors Adjust Positions
PCM Encore LLC reduced its stake in NVIDIA Corporation (NASDAQ:NVDA) by 3.3% during the second quarter, according to its latest 13F filing with the Securities and Exchange Commission. The firm sold 4,491 shares, bringing its total holdings to 129,660 shares. NVIDIA remains a significant part of PCM Encore's portfolio, accounting for 4.6% of its investments and ranking as its second-largest holding. The value of PCM Encore's NVIDIA shares was $25,944,000 as of the most recent filing.
Other institutional investors have also adjusted their positions in NVIDIA. Bank of America Corp DE increased its holdings by 2.1% in the first quarter, now owning 191,200,989 shares worth $33,345,453,000. Invesco Ltd. raised its stake by 0.3% in the fourth quarter, holding 143,239,504 shares valued at $26,714,167,000. J. Stern & Co. LLP significantly boosted its position by 13,709.1% during the fourth quarter, now owning 125,760,307 shares worth $23,454,297,000. Amundi increased its holdings by 10.4% in the first quarter, with 133,768,018 shares worth $23,329,141,000. Deutsche Bank AG raised its stake by 2.3% in the second quarter, now holding 91,954,159 shares valued at $18,399,108,000. Institutional investors collectively own 65.27% of NVIDIA's stock.
Several research firms have recently weighed in on NVIDIA. Jefferies Financial Group reaffirmed a 'buy' rating, while Royal Bank Of Canada raised its price target to $330.00 with an 'outperform' rating. Weiss Ratings restated a 'buy (b)' rating, and Piper Sandler initiated coverage with an 'overweight' rating and a $300.00 price target. Deutsche Bank Aktiengesellschaft reiterated a 'buy' rating. Analysts have given NVIDIA a consensus 'Buy' rating with a target price of $320.71.
NVIDIA's stock opened at $233.95 on Monday, with a 50-day moving average of $218.74 and a 200-day moving average of $207.65. The company reported earnings of $2.22 per share for the latest quarter, exceeding estimates by $0.13. Revenue was $96.22 billion, up 105.9% year-over-year. NVIDIA recently announced a $150 billion share buyback program, lifting its total repurchase capacity to approximately $235 billion. The company also declared a quarterly dividend of $0.25, paid on October 1st.