Nuveen LLC Invests $311,000 in Magic Software Enterprises Ltd. $MGIC

Key Points

• Nuveen LLC has invested approximately $311,000 in Magic Software Enterprises by acquiring 24,272 shares in the first quarter of this year.
• Magic Software Enterprises recently announced a semi-annual dividend of $0.296, with a substantial dividend yield of 290% and an ex-dividend date on October 6th.
• Despite mixed analyst ratings, including upgrades and downgrades, the stock has an average rating of "Buy" and a consensus target price of $18.00.

Nuveen LLC acquired a new position in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 24,272 shares of the software maker's stock, valued at approximately $311,000.

Several other hedge funds have also recently made changes to their positions in the business. Lazard Asset Management LLC raised its position in shares of Magic Software Enterprises by 45.5% in the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock worth $226,000 after acquiring an additional 5,878 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of Magic Software Enterprises by 16.9% in the 1st quarter. GHP Investment Advisors Inc. now owns 56,751 shares of the software maker's stock worth $737,000 after acquiring an additional 8,200 shares in the last quarter. Phoenix Financial Ltd. raised its position in shares of Magic Software Enterprises by 1.3% in the 1st quarter. Phoenix Financial Ltd. now owns 689,236 shares of the software maker's stock worth $8,953,000 after acquiring an additional 9,000 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Magic Software Enterprises by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker's stock valued at $2,896,000 after buying an additional 9,752 shares in the last quarter. Finally, Millennium Management LLC increased its position in Magic Software Enterprises by 66.7% in the 4th quarter. Millennium Management LLC now owns 28,599 shares of the software maker's stock valued at $344,000 after buying an additional 11,442 shares in the last quarter. 24.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on MGIC shares. Wall Street Zen lowered Magic Software Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Barclays boosted their target price on Magic Software Enterprises from $16.00 to $18.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Finally, Zacks Research raised Magic Software Enterprises from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $18.00.

Magic Software Enterprises Stock Down 0.6%

MGIC stock traded down $0.13 during mid-day trading on Thursday, reaching $20.43. 30,176 shares of the company traded hands, compared to its average volume of 41,626. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 26.19 and a beta of 0.95. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.14. Magic Software Enterprises Ltd. has a fifty-two week low of $10.42 and a fifty-two week high of $22.00. The firm's 50 day moving average price is $20.50 and its 200 day moving average price is $16.64.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The business had revenue of $151.60 million during the quarter, compared to the consensus estimate of $143.06 million. Magic Software Enterprises had a return on equity of 15.85% and a net margin of 6.58%. Magic Software Enterprises has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Monday, October 6th will be paid a dividend of $0.296 per share. The ex-dividend date is Monday, October 6th. This represents a yield of 290.0%. Magic Software Enterprises's payout ratio is 75.64%.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.