Federated Hermes Inc. Decreases Stake in Nuvei Co. (NASDAQ:NVEI)

Federated Hermes Inc. cut its stake in shares of Nuvei Co. (NASDAQ:NVEI) by 70.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,000 shares of the company’s stock after selling 28,000 shares during the quarter. Federated Hermes Inc.’s holdings in Nuvei were worth $315,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Tyche Wealth Partners LLC purchased a new stake in Nuvei during the 4th quarter valued at about $6,830,000. Mackenzie Financial Corp increased its holdings in Nuvei by 19.7% in the 4th quarter. Mackenzie Financial Corp now owns 274,630 shares of the company’s stock worth $7,218,000 after buying an additional 45,219 shares during the period. Ingalls & Snyder LLC raised its position in Nuvei by 2.6% during the 4th quarter. Ingalls & Snyder LLC now owns 187,239 shares of the company’s stock worth $4,922,000 after buying an additional 4,824 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co lifted its stake in Nuvei by 0.4% during the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 550,800 shares of the company’s stock valued at $14,464,000 after acquiring an additional 2,400 shares during the period. Finally, Addenda Capital Inc. boosted its holdings in shares of Nuvei by 37.8% in the 4th quarter. Addenda Capital Inc. now owns 27,438 shares of the company’s stock valued at $721,000 after acquiring an additional 7,530 shares during the last quarter. 42.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wolfe Research reissued a “peer perform” rating on shares of Nuvei in a report on Tuesday, April 2nd. UBS Group reaffirmed a “neutral” rating and set a $34.00 target price (up from $30.00) on shares of Nuvei in a research note on Wednesday, April 3rd. Citigroup lifted their target price on shares of Nuvei from $27.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Canaccord Genuity Group reduced their price target on shares of Nuvei from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Tuesday, April 2nd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $34.00 price objective (up from $31.00) on shares of Nuvei in a research note on Tuesday, April 2nd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Nuvei presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.94.

Nuvei Price Performance

Shares of NVEI opened at $32.34 on Friday. The firm has a 50-day simple moving average of $29.34 and a two-hundred day simple moving average of $24.65. 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 Co. has a 1-year low of $13.32 and a 1-year high of $42.50. The stock has a market cap of $4.51 billion, a PE ratio of -538.91, a P/E/G ratio of 1.52 and a beta of 2.59.

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

Nuvei Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 19th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend was Monday, March 18th. Nuvei’s dividend payout ratio is currently -333.28%.

About Nuvei

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.