Addenda Capital Inc. Boosts Stock Position in Nuvei Co. (NASDAQ:NVEI)

Addenda Capital Inc. boosted its holdings in shares of Nuvei Co. (NASDAQ:NVEI) by 5.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 28,880 shares of the company’s stock after purchasing an additional 1,442 shares during the quarter. Addenda Capital Inc.’s holdings in Nuvei were worth $913,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NVEI. Wellington Management Group LLP increased its holdings in shares of Nuvei by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 7,616,542 shares of the company’s stock valued at $114,248,000 after acquiring an additional 865,984 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Nuvei by 21.9% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,194,800 shares of the company’s stock valued at $17,922,000 after acquiring an additional 214,800 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Nuvei in the 4th quarter valued at approximately $30,845,000. National Bank of Canada FI increased its holdings in shares of Nuvei by 14.1% in the 4th quarter. National Bank of Canada FI now owns 627,198 shares of the company’s stock valued at $15,470,000 after acquiring an additional 77,476 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co increased its holdings in shares of Nuvei by 0.4% in 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 last quarter. 42.45% of the stock is currently owned by hedge funds and other institutional investors.

Nuvei Stock Performance

Shares of NVEI stock opened at $32.38 on Friday. The stock has a 50-day simple moving average of $32.19 and a 200 day simple moving average of $28.45. Nuvei Co. has a fifty-two week low of $13.32 and a fifty-two week high of $37.41. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.60.

Nuvei (NASDAQ:NVEI) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.05). Nuvei had a negative net margin of 0.39% and a positive return on equity of 6.50%. The company had revenue of $335.11 million during the quarter, compared to analyst estimates of $326.11 million. On average, equities analysts predict that Nuvei Co. will post 1.22 earnings per share for the current year.

Nuvei Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, May 21st were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. Nuvei’s dividend payout ratio (DPR) is -1,000.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NVEI shares. Scotiabank reaffirmed a “sector perform” rating and issued a $34.00 target price on shares of Nuvei in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. lowered Nuvei from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $32.00 to $34.00 in a research report on Wednesday, May 8th. Wells Fargo & Company dropped their target price on Nuvei from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 7th. Raymond James increased their target price on Nuvei from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Finally, Citigroup increased their target price on Nuvei from $27.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.06.

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.