State of New Jersey Common Pension Fund D Takes $1.96 Million Position in Nuvei Co. (NASDAQ:NVEI)

State of New Jersey Common Pension Fund D purchased a new stake in Nuvei Co. (NASDAQ:NVEI) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 74,472 shares of the company’s stock, valued at approximately $1,956,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Nuvei by 12.8% in the third quarter. Wellington Management Group LLP now owns 7,616,542 shares of the company’s stock worth $114,248,000 after purchasing an additional 865,984 shares during the period. Adage Capital Partners GP L.L.C. boosted 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 buying an additional 214,800 shares during the period. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Nuvei during the fourth quarter worth about $30,845,000. Guardian Capital LP lifted its holdings in Nuvei by 33.3% in the third quarter. Guardian Capital LP now owns 703,865 shares of the company’s stock worth $10,605,000 after acquiring an additional 175,999 shares during the last quarter. Finally, Cidel Asset Management Inc. boosted its stake in Nuvei by 17.6% in the third quarter. Cidel Asset Management Inc. now owns 609,662 shares of the company’s stock valued at $9,186,000 after acquiring an additional 91,294 shares during the period. 42.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NVEI has been the topic of a number of research reports. Scotiabank reiterated a “sector perform” rating and set a $34.00 price target on shares of Nuvei in a research report on Tuesday, April 2nd. National Bankshares boosted their price target on shares of Nuvei from $23.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Wolfe Research reaffirmed a “peer perform” rating on shares of Nuvei in a report on Tuesday, April 2nd. Raymond James boosted their target price on shares of Nuvei from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Finally, Canaccord Genuity Group dropped their price target on shares of Nuvei from $40.00 to $34.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Nuvei has a consensus rating of “Moderate Buy” and a consensus target price of $31.94.

Nuvei Stock Up 0.2 %

Shares of NVEI stock opened at $32.19 on Thursday. Nuvei Co. has a 1 year low of $13.32 and a 1 year high of $42.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The business’s fifty day moving average is $29.03 and its 200-day moving average is $24.42.

Nuvei (NASDAQ:NVEI) last released its earnings results on Tuesday, March 5th. The company reported $0.30 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $321.52 million for the quarter, compared to analyst estimates of $319.60 million. Analysts forecast that Nuvei Co. will post 1.27 EPS for the current fiscal year.

Nuvei Announces Dividend

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

Nuvei Company 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.