Wellington Management Group LLP increased its position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC – Free Report) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 683,357 shares of the software maker’s stock after acquiring an additional 11,010 shares during the quarter. Wellington Management Group LLP owned approximately 1.39% of Magic Software Enterprises worth $6,622,000 as of its most recent filing with the SEC.
Separately, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Magic Software Enterprises by 61.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after purchasing an additional 2,263 shares during the last quarter. Institutional investors own 24.70% of the company’s stock.
Magic Software Enterprises Stock Performance
Shares of MGIC opened at $9.63 on Friday. The stock’s fifty day simple moving average is $11.08 and its 200 day simple moving average is $10.87. Magic Software Enterprises Ltd. has a twelve month low of $8.15 and a twelve month high of $13.62. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $472.83 million, a P/E ratio of 13.19 and a beta of 1.07.
Magic Software Enterprises Cuts Dividend
The firm also recently disclosed a Semi-Annual dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 27th will be given a $0.204 dividend. This represents a dividend yield of 3.5%. The ex-dividend date is Thursday, June 27th. Magic Software Enterprises’s payout ratio is currently 45.21%.
Analysts Set New Price Targets
Several research firms recently weighed in on MGIC. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 20th. Barclays raised their target price on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th.
Get Our Latest Analysis on MGIC
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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.
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