Tyche Wealth Partners LLC Makes New $6.83 Million Investment in Nuvei Co. (NASDAQ:NVEI)

Tyche Wealth Partners LLC acquired a new position in Nuvei Co. (NASDAQ:NVEI) in the 4th quarter, HoldingsChannel reports. The fund acquired 260,100 shares of the company’s stock, valued at approximately $6,830,000. Nuvei accounts for about 1.6% of Tyche Wealth Partners LLC’s holdings, making the stock its 11th biggest position.

Several other institutional investors have also added to or reduced their stakes in the company. Mackenzie Financial Corp lifted its stake in Nuvei by 19.7% in the fourth quarter. Mackenzie Financial Corp now owns 274,630 shares of the company’s stock worth $7,218,000 after purchasing an additional 45,219 shares during the last quarter. Ingalls & Snyder LLC raised its stake in shares of Nuvei by 2.6% during the fourth quarter. Ingalls & Snyder LLC now owns 187,239 shares of the company’s stock valued at $4,922,000 after acquiring an additional 4,824 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co raised its stake in shares of Nuvei by 0.4% during the fourth 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 in the last quarter. Addenda Capital Inc. raised its stake in shares of Nuvei by 37.8% during the fourth 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 in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Nuvei during the fourth quarter valued at approximately $30,845,000. Institutional investors own 42.45% of the company’s stock.

Nuvei Stock Performance

Shares of NVEI traded down $0.06 during trading hours on Tuesday, reaching $32.09. 2,169,757 shares of the company traded hands, compared to its average volume of 1,132,500. Nuvei Co. has a 12-month low of $13.32 and a 12-month high of $43.15. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average price of $27.44 and a 200-day moving average price of $23.06. The stock has a market capitalization of $4.47 billion, a P/E ratio of -534.74, a P/E/G ratio of 1.52 and a beta of 2.68.

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

Nuvei Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Tuesday, March 19th were given a dividend of $0.10 per share. The ex-dividend date was Monday, March 18th. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. Nuvei’s dividend payout ratio (DPR) is presently -666.56%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NVEI shares. JPMorgan Chase & Co. lifted their price target on shares of Nuvei from $27.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, December 18th. Barclays assumed coverage on shares of Nuvei in a report on Wednesday, December 20th. They set an “overweight” rating and a $34.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of Nuvei from $29.00 to $27.00 and set an “equal weight” rating on the stock in a report on Thursday, March 7th. Canaccord Genuity Group cut their price objective on shares of Nuvei from $40.00 to $34.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. Finally, Scotiabank reissued a “sector perform” rating and set a $34.00 price objective on shares of Nuvei in a report on Tuesday, April 2nd. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.94.

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.