Mackenzie Financial Corp Increases Stock Position in Nuvei Co. (NASDAQ:NVEI)

Mackenzie Financial Corp raised its holdings in Nuvei Co. (NASDAQ:NVEI) by 19.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 274,630 shares of the company’s stock after purchasing an additional 45,219 shares during the period. Mackenzie Financial Corp’s holdings in Nuvei were worth $7,218,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Capital International Investors lifted its stake in shares of Nuvei by 102.5% during the first quarter. Capital International Investors now owns 7,269,586 shares of the company’s stock valued at $546,607,000 after buying an additional 3,679,400 shares during the period. Wellington Management Group LLP lifted its stake in shares of Nuvei by 70.0% during the first quarter. Wellington Management Group LLP now owns 4,672,026 shares of the company’s stock valued at $352,221,000 after buying an additional 1,923,114 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Nuvei during the fourth quarter valued at approximately $30,845,000. Sylebra Capital LLC purchased a new position in shares of Nuvei during the third quarter valued at approximately $8,095,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Nuvei during the second quarter valued at approximately $9,675,000. Hedge funds and other institutional investors own 42.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Nuvei from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 7th. BMO Capital Markets cut their price target on shares of Nuvei from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, March 7th. William Blair downgraded shares of Nuvei from an “outperform” rating to a “market perform” rating in a research note on Monday, April 1st. The Goldman Sachs Group increased their price target on shares of Nuvei from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $34.00 price target (up previously from $31.00) on shares of Nuvei in a research note on Tuesday, April 2nd. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.94.

Nuvei Stock Performance

Nuvei stock opened at $32.07 on Friday. The firm has a fifty day moving average of $27.93 and a 200-day moving average of $23.42. Nuvei Co. has a 52-week low of $13.32 and a 52-week high of $42.50. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.05 and a quick ratio of 1.05.

Nuvei (NASDAQ:NVEI) last released its quarterly earnings results on Tuesday, March 5th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.06. The business had revenue of $321.52 million during the quarter, compared to analyst estimates of $319.60 million. Nuvei had a negative net margin of 0.66% and a positive return on equity of 6.64%. As a group, analysts predict that Nuvei Co. will post 1.27 EPS for the current year.

Nuvei Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 19th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Monday, March 18th. Nuvei’s dividend payout ratio is currently -333.28%.

Nuvei Profile

Nuvei Corporation provides payment technology solutions to merchants and partners in North America, Europe, the Middle East and Africa, Latin America, and the Asia Pacific. The company's platform enables customers to pay and/or accept payments worldwide regardless of the location, device, or preferred payment method.